Is Home Depot Breaking Out?

Published on Friday, 20 January 2012 18:44 Written by Christopher Lynn

New York, January 20th (TradersHuddle.com) - Shares of Home Depot, Inc. (NYSE:HD) closed the trading session at $44.51 just above calculated resistance at $43.66 effectively breaking out, grabbing the attention of momentum traders, which could eventually push the stock to different trading range

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's stock was trading in a well defined range with support at $38.84 and resistance at $43.66, given that this range was broken traders will be closely monitoring the stock