SmarTrend Watching for Rebound in Shares of Home Depot After 4.34% Loss (HD)
Home Depot (NYSE:HD) traded in a range yesterday that spanned from a low of $27.05 to a high of $28.28. Yesterday, the shares fell 4.34%, which took the trading range below the 3-day low of $27.91 on volume of 20.7 million shares.
Shares of Home Depot are currently trading below their 50-day moving average (MA) of $31.86 and below their 200-day MA of $30.16. Look for these MAs to provide resistance for a short-term rebound in the shares.
SmarTrend is bearish on shares of Home Depot and our subscribers were alerted to Sell on May 06, 2010 at $33.73. The stock has fallen 19.6% since the alert was issued.
SmarTrend has the shares in a Downtrend and expects the share price to rebound toward the $27.91 resistance level. Afterwards, we expect it to move downward with its peers in the SmarTrend Home Improvement Stores industry.
http://www.mysmartrend.com/news-briefs/news-watch/smartrend-watching-rebound-shares-home-depot-after-434-loss-hd