Shares of Home Depot (HD) have been falling sharply in the last month. After topping out around $160.00, the stock is trading below $147.00. Part of the issue is that Amazon (AMZN) is encroaching on their business. After chatting with institutional investors, and analyzing it myself, it appears there is a strong buy trade level approaching. The level is found by connecting the pivot highs from October 2016, May 2017 and August 2017. After connecting these pivot highs and drawing a trend line (as seen in the chart below) the trend line expects to $142.25. That will be a major support level. In addition, at this exact level lies the daily 200 moving average. The fact that these two factors converge at this level, gives investors a high reward, low risk buy on Home Depot.
Are you ready for the next big swing trade? Check them out and get the next now, click here.