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Home Depot’s stock is currently trading at 181.09-lower by 2.92% as compared to the previous closing price. In the pre-market trading session, the stock was trading lower by 3.97%. The stock has pared some of its losses after the opening bell.
The home improvement retailer announced today that it will institute new safety measures to alleviate the effects of the China-linked virus pandemic. Home Depot said that it will close its stores early at 6 pm. The home improvement retailer will also limit the number of customers allowed in its stores at one time. Home Depot will eliminate major spring promotions to avoid increasing traffic. The company will ask employees for health checks before reporting to work. Home Depot will add 80 hours of paid time off for full-time hourly employees.
Investment bank Credit Suisse lowered the price target of the home improvement retailer to $215 from $255. Instinet also cut its price target to $204 from $215. The company in February reported earnings and sales for the fourth quarter that topped the market expectation. Home Depot raised its dividend by 10%. Stocks of the home improvement retailer have fallen about 17% Year-to-date.
On the technical front, the RSI is currently at 43.86% and suggests that the market can move in the downward direction. The current price is below the MA5. The current price is below the middle line of the Bollinger bands and is heading downwards.
Overall Bias is Negative and short-term trades can be initiated with tight Stop Loss and Profit target.
TRADE SUGGESTION- LIMIT SELL AT 181.80 TAKE PROFIT AT 177.00 STOP LOSS AT 184.20