8 Minute Read

Tackle Today: Home Depot Type Stocks

November 17, 2023

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«A Decent Setup»

Coach Mark here.

I will be honest. At some point I am going to want to fade the rally…. or at the very least reduce exposure and take profits. It is my nature. When I look at Home Depot, I know that day is not today.

I have not particular affinity for Home Depot. I have not owned it or traded it in a long time. Not the biggest fan of the color orange either. However, I am a fan of the high base type patterns setting up on Home Depot and many other stocks like it.

These stocks/ticker symbols have some common characteristics. They are coming off deep selloffs and are forming high-base patterns off reverse head-and-shoulder formations. It is a common pattern out there. Not only does Home Depot have the pattern but RSP, the equal-weighted S&P 500 index is also in an almost identical pattern.

Check out the Scouting Reports this weekend. I am sure of our favorite patterns will make the reports. Until then have a fantastic Friday!



Chart of the Day: Home Depot (HD)

You can have tech and Mag 7 in the short-term. I’ll take this type of pattern that has lots more room to run IMO.


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