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Home Depot’s stock is currently trading at 231.00-lower by 3.29% as compared to the previous closing price. In the pre-market trading session, the stock was trading lower by 3.45%. The stock has pared some of its earlier losses and after the opening bell.
The company on Tuesday morning reported earnings and sales for the third quarter of fiscal 2019. The home improvement retailer generated an adjusted EPS of $2.53 for the third quarter. The EPS was above the market expectation of $2.52. The company brought in $27.22 billion in revenue for the third quarter. The revenue was, however, below the consensus estimates of $27.53 billion. Sales at stores open for at least 12 months were up 3.6%, missing the expected growth of 4.7%.
The home improvement retailer also lowered its sales forecast for the year. Home Depot now sees sales to rise by 1.8%, compared with an earlier forecast of 2.3%. The home improvement retailer also lowered its same-store forecast for the fiscal year. Home Depot now expects growth of 3.5%, down from its previous estimate of 4%.
On the technical front, the RSI is currently at 44.79% 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.
TRADE SUGGESTION- LIMIT SELL AT 231.40 TAKE PROFIT AT 230.00 STOP LOSS AT 232.10