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Home Depot (HD) Buy

This chart is messy, but please bear with me, as the analysis is too good to not include. To clean it up, I removed all indicators, but please note I do include indicators in all of my analysis. I was trolling HD all day yesterday waiting for the perfect buy signal. While I did time the low perfectly (highlighted triangle projections from morning yesterday), before getting into this trade (trade entered at 3:30pm yesterday) I wanted to make sure HD could gain some momentum before taking a position. HD is making overlap and with lower bottoms--which leads me to believe we are back in an uptrend. Also, the hourly indicators look really good for this. The key for me was the price action to break the .618 level of the last swing as well as, and even more key, price breaking the yellow line which is the 90 degree offset angle to the last larger swing.The green bar is measured move line and we can see there was some overbalancing. Fibonacci time analysis was also a factor in this chart (although not shown). I expect price, at a minimum, to get to the level $224.95 and we will see how price action responds at this level. The next level of resistance would be $226.68.

Happy Trading!