Home Depot Booked a New High

Published on Wednesday, 22 February 2012 12:34 Written by TradersHuddle Wire

New York, February 22nd (TradersHuddle.com) - Shares of Home Depot, Inc. (NYSE:HD) booked a new 52 week high today by trading above $46.72, traders are definitely monitoring Home Depot's price action to see if this move attracts further buying into the stock.

Home Depot, Inc. (NYSE:HD) is a home improvement retailer that sells building materials and home improvement products. The Company's sell a wide assortment of building materials, home improvement and lawn and garden products and provide a number of installing services. Home Depot operates throughout the U.S. (including Puerto Rico, the Virgin Islands and Guam), Canada, China, and Mexico. The company that helps the do it yourself consumer by providing seminars and knowledgable staff was founded in 1978 and is based in Atlanta, GA.

Home Depot is currently trading -0.75% versus its previous trading session close, and it has calculated support and resistance at $38.84 and $45.5 respectively. Clearly with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range

The overall market index S&P 500 is trading lower by -0.42% from its previous trading close, which means that Home Depot stock is underperforming the overall market.