Time to review the charts and indicators.
The $130 area would be our ambitious price target for the second half of 2020.
The charts of HD are not bad looking and have been holding up pretty well in this trying market.
The technology giant has been in bearish mode for quite some time and likely will need to rebase before the coast is clear to buy it.
Let's check out the charts to see if this rally can continue.
Here's our latest strategy on the stock.
I see no reason to hurry or force things right now.
I would not be surprised to see the name sell off in this weak tape after all of the post earnings hype wears off.
Go long or add to longs when prices make a new high for the move up.
If it gets dragged lower with the broader market, HD could dip, but then the charts and indicators show it will likely rise after.