Home Depot (HD) is expected to report earnings Tuesday before the market opens. The report will be for the fiscal quarter ending April 2023. Let's check out the charts and indicators.
In this daily bar chart of HD, below, I can see lows made in June and September/October and then higher lows made in March and May. Prices currently trade below the declining 200-day and 50-day moving average lines but it will not need much of a rally to change this condition.
The On-Balance-Volume (OBV) line has moved sideways the past four months after a rising trend. The Moving Average Convergence Divergence (MACD) oscillator is just slightly below the zero line.
In this weekly Japanese candlestick chart of HD, below, I see an improving picture. Prices have made higher lows the past 12 months. The weekly OBV line shows a rise from November. HD is just slightly below the 40-week moving average line. The MACD oscillator is below the zero line but has narrowed significantly and is close to an upside crossover.
In this daily Point and Figure chart of HD, below, I can see a downside price target in the $269 area but a trade at $302.87 will be a positive development.
In this weekly Point and Figure chart of HD, below, I can see a downside price target in the $271 area, but a trade at $299.87 will turn things more positive.
Bottom line strategy: I have no special knowledge of what HD will tell shareholders tomorrow morning, but the charts and indicators favor the upside. Traders could buy strength above $299.
