Hurricane Recovery May Lift HD Supply

HD Supply Holdings (HDS) provides equipment and products for residential construction and remodeling, as well as maintenance and janitorial supplies. The stock formed an inverse head-and-shoulders bottom over the last three months below a horizontal neckline in the $32.50 area. Last week it moved up and through neckline resistance, perhaps in anticipation of the need for its products in the recovery process in Florida following Hurricane Irma.

The daily chart shows the stock trading in a triangle pattern in the first half of the year above support in the $39 area. This support level would turn out to be the 62% Fibonacci retracement level of the current 2017 high and low range. The dramatic gap lower in June formed the left shoulder of the inverse head-and-shoulders pattern. A lower low the following month marked the head of the pattern, and the August higher low delineated the right shoulder....167 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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