Market Technical View is a blog that mostly concerns the technical analysis of different financial instruments like indices, commodities, stocks, ETFs and currencies.

All the posts are structured in 3 main chapters that can be found in Content, in the upper right-hand corner of the blog.

Market perspective. The technical approach consists of chart patterns and important support/resistance zones. The purpose of this section is to give directions of the price on short and medium term (a few days up to a few months).

Trading setups. The analysis posted here will provide trading scenarios based on different technical tools.

Romanian Market. This is a section dedicated to Romanian stocks and indices.

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Wednesday, May 23, 2012

Home Depot Inc. (HD) - In a mid-term correction. 2012.05.23

Home Depot shares price dropped 12.00% since the beginning of May, this being the biggest correction in the past 10 months.

The market price action favors an intermediary correction that usually lasts for a few months. In this particular case, the $43.40-$44.00 area stands as a good target on the down side.

However, the most probable scenario includes a three wave pattern (zig-zag) that could travel up to the $50.00 level before resuming the correction.

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