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5 Retail Trades for Black Friday

Home Depot

First up is Home Depot (HD - Get Report), the home improvement retailer that's likely to see a run on generator deals on Black Friday, just a couple weeks after Sandy hit the East Coast. But I digress.

Right now, Home Depot is forming a textbook version of the ascending triangle pattern, a setup that's formed by a horizontal resistance level above shares and uptrending support below them. As shares of HD have bounced in between those two price levels, they've been getting squeezed closer and closer to a breakout above that $63.50 resistance level. When that breakout happens, investors have a buy signal for this stock.

The 50-day moving average has acted like a solid proxy for support over the last several months -- that makes it a logical place to put a stop loss on this trade. Remember, it's important not to be early on this trade; resistance at $63.50 has turned away shares the last three times they tried to overcome that price, so it's crucial to see resistance get taken out before jumping in.
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LTD $0.00 0.00%
ANF $20.81 2.00%
HD $121.04 1.20%
M $51.46 0.65%
TGT $78.69 0.17%


Chart of I:DJI
DOW 17,050.75 +138.46 0.82%
S&P 500 1,995.83 +15.91 0.80%
NASDAQ 4,810.7880 +19.6360 0.41%

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