📈 Technical Setup:
Home Depot (
HD) is setting up for a potential bullish continuation after retesting the top of the Ichimoku Cloud and holding key support.
Ichimoku Cloud: Price is consolidating above the Kumo, with the Conversion Line (Tenkan) and Base Line (Kijun) flatlining — signaling potential momentum build.
Fractals: Recent higher low confirmed above cloud support.
Quarterly Pivots:
Support: Held above S1 (331.28)
Current level: Testing pivot (P) zone at 376.08
Target: R1 at 409.03 aligns with the 10% upside move.
CM_Ult_MacD_MTF: Bearish histogram easing, potential shift incoming.
Williams %R: Rebounding from oversold territory (~ -70), signaling bullish potential.
🎯 Trade Parameters:
Entry: ~$367.33
Target: $405.15 (+10.3%)
Stop Loss: $361.15 (-1.68%)
Risk/Reward: 6.12R — excellent setup for swing or trend continuation
🔍 Thesis:
HD has formed a solid base above the cloud and is showing signs of reaccumulation. With macroeconomic resilience in home improvement spending and technical confluence lining up (cloud support + pivot + fractal structure), this setup offers a high R/R swing opportunity into Q3.
Home Depot (
HD) is setting up for a potential bullish continuation after retesting the top of the Ichimoku Cloud and holding key support.Ichimoku Cloud: Price is consolidating above the Kumo, with the Conversion Line (Tenkan) and Base Line (Kijun) flatlining — signaling potential momentum build.
Fractals: Recent higher low confirmed above cloud support.
Quarterly Pivots:
Support: Held above S1 (331.28)
Current level: Testing pivot (P) zone at 376.08
Target: R1 at 409.03 aligns with the 10% upside move.
CM_Ult_MacD_MTF: Bearish histogram easing, potential shift incoming.
Williams %R: Rebounding from oversold territory (~ -70), signaling bullish potential.
🎯 Trade Parameters:
Entry: ~$367.33
Target: $405.15 (+10.3%)
Stop Loss: $361.15 (-1.68%)
Risk/Reward: 6.12R — excellent setup for swing or trend continuation
🔍 Thesis:
HD has formed a solid base above the cloud and is showing signs of reaccumulation. With macroeconomic resilience in home improvement spending and technical confluence lining up (cloud support + pivot + fractal structure), this setup offers a high R/R swing opportunity into Q3.
Note
Trade adjusted slightly : Trade active
Going to wait to see what happens here. If we close below the stop level again I am going to close the trade out. Trade closed: stop reached
Taking a pretty big loss here. I did get the dividend so that was good but this is a 6% loss plus. Note
I will note, that I like to buy at the bottom of the cloud so if this bounces of the cloud well I may re enter. But probably not. 
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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.