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Home Depot is currently trading at 240.92-lower by 1.81% as compared to the previous closing price. In the pre-market trading session, the stock was trading lower by 1.61%. The stock has continued falling after the opening bell.
The company reported its fiscal first-quarter results before the market open on Tuesday. Home Depot said that Q1 profits were weighed down by costs related to the pneumonia-causing virus pandemic. The home improvement retailer also suspended its full-year outlook.
The company generated an EPS of $2.08 for the first quarter. The EPS was below the market expectation of $2.27. Home Depot brought in $28.26 billion in revenue for the quarter ended May 3. The revenue was, however, above the consensus estimates of $27.54 billion.
Same-store sales grew by 6.4% in the first quarter. Same-store sales topped the median forecast of a 4.4% rise. Stocks of Home Depot rallied about 10% so far this year.
On the technical front, the current price is above the MA5. The current price is above the middle line of the Bollinger Bands but is heading downwards. The RSI is currently at 65.96% and suggests that the market can move in the downward direction.
TRADE SUGGESTION- LIMIT SELL AT 241.40 TAKE PROFIT AT 239.00 STOP LOSS AT 242.60