HD has been in a downtrend for the whole year, to date. Starting last month, price began to consolidate a bit in an ascending channel but now may fail to hold its support. Low RSI readings and MACD indications of a impending depreciation in price are also strong indicators of the channel's breakdown and a continuation of the downtrend. Two huge red candles in the past 3 days (a doji amidst them) go to show that there is enough bearish momentum to break and hold below support. This is a great opportunity to enter a short position; place stops at $321 and take profits at $297 (a level of strong support).
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.