Home Depot amid negative outlook - Analysis - 09-06-2022

Home Depot's stock (HD) fell in the intraday levels while trading alongside the downward correctional short-term trend line, with negative pressure from the 50-day SMA, coupled with negative signals from the RSI after reaching overbought levels, marking a loss of 1.41%, or 4.24 points, and settling at 297.53. 

Therefore we expect more losses for the stock, targeting the support of 279.59, provided the resistance of 297.53 holds on.

Expected trend for today: Bearish