Home Depot - Pump to $327 incoming🐂 Trade Idea: Long - HD
🔥 Account Risk: 1.00%
📈 Recommended Product: Knockout / Option
🔍 Entry: +/- 306.27
🐿 DCA: No
😫 Stop-Loss: 284.29 (or 294.65 for aggressive trade)
🎯 Take-Profit: 327.27 (50%)
🎯 Trail Rest: Yes
🚨🚨🚨 Important: Don’t forget to always wait for strong confirmation once possible entry zone is reached. Trade ideas don’t work all the time no matter how good they look. Do not get a victim of FOMO, there is always another trade idea waiting. 🚨🚨🚨
If you like what you see don’t forget to leave a comment 💬 or smash that like ❤️ button!
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Home Depot is in a larger uptrend since Oct. 2016 (yellow trend line) but consolidates sideways since Feb 2023 despite a take-off situation in the housing market - at least when it comes to permits. Home Depot is considered as a stock that should benefit from those situations.
Technically we can see that the bottom support of the current consolidation zone (big green box) was breached only one time immediately retracing in the consolidation box with high volume. This indicates a stronger support there. Since beginning of June we now entered into a much smaller consolidation box (little green box) on the upper right corner of the bigger zone. Those multiple tests of the upper resistance and the share price remaining ever closer to resistance indicate an upward breakout.
If you’re a pre break-out trader you might want to jump in with a tight stop around 294. All others should wait for daily confirmation outside the box possible at 306.
Don’t forget earnings in August if you take the trade.
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Consolidationbox
OCEANUSDT wants the Next Weekly structure?OCEANUSDT recently went through an accumulation phase, which took place between the price levels of 0.2982 and 0.1163. After a period of consolidation, the price eventually broke out of this accumulation range and experienced a significant distribution phase.
Currently, the price of OCEANUSDT is testing the weekly support level at around $0.41. This level is a key area of support and resistance and has the potential to signal a shift in market sentiment. It is important to keep a close eye on how the price reacts to this level, as a break below it could indicate further downside movement.
Looking ahead, the market will need to create a new breakout above the $0.5 area for any long continuation to occur. If this happens, we can apply Plancton's Rules, a set of guidelines for identifying potential market movements, to help guide our decision-making and potentially open a new long position.
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Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.
🔵 Blue structure -> Daily structure.
🟡 Yellow structure -> 4h structure.
⚫️ Black structure -> <= 1h structure.
Follow the Shrimp 🦐
Dollar IndexWatch for retest of CTL to go long, I see a bullish dollar coming back & pushing higher to next area of resistance (higher high). A break of 94.50 support will bring some short term weakness to next level of support & 4 hour uptrend line. But overall bias is that price will breakout of consolidation box to the upside