HOME DEPOT DOUBLE TOP +HEAD AND SHOULDERS FORMING- SHORT
HOME DEPOT has bounced down from the double top all time high level.
Also, there is a strong daily level exactly where the stock price is trading right now.
One might find a reverse head and shoulders pattern forming, with a current expected move down creating the right shoulder.
The target is a strong horizontal structure support level.
Don't forget to hedge with long weekly calls when leaving position overnight to eliminate the gap up risk. Don't hold the options during daytime. Or just have your stop loss in form of options, if the price is right. This is more that a one week trade however, so monthly options as the most suitable.
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Wish you all best of luck in your trading!
Also, there is a strong daily level exactly where the stock price is trading right now.
One might find a reverse head and shoulders pattern forming, with a current expected move down creating the right shoulder.
The target is a strong horizontal structure support level.
Don't forget to hedge with long weekly calls when leaving position overnight to eliminate the gap up risk. Don't hold the options during daytime. Or just have your stop loss in form of options, if the price is right. This is more that a one week trade however, so monthly options as the most suitable.
Like and subscribe for more analysis. It really helps me when you do that!
Wish you all best of luck in your trading!
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✅ My Website: prosignalsfx.eu/
✅ For VIP SIGNALS contact: t.me/prosignalsfx_contact
✅ RELIABLE BROKER: prosignalsfx.eu/trustedbroker
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