Shares of home improvement stores player Home Depot Inc (HD) - Get Report are under selling pressure Tuesday, despite the fact that the company reported strong earnings and raised its forecast for the second time this year.

The company reported earnings of $2.25 per share, which beat Wall Street estimates $2.22 per share, and revenue came in at $28.11 billion, which topped estimates of $27.84 billion. Home Depot's same-store sales jumped 6.3%, which was better than estimates of 4.9%, and the company forecast earnings growth for the full year of $7.29 per share, which came in above Wall Street estimates for $7.15 per share.

The company said net sales surged 6.2% to $28.11 billion, which marked the highest quarterly sales in Home Depot's history. Despite struggling this morning, shares of HD have been on fire so far year to date, with the stock up an impressive 11.6%. In a retail environment where Amazon.com Inc. (AMZN) - Get Report is putting companies out to pasture left and right, clearly Home Depot is finding a way to thrive.

However, Jim Cramer made it clear this morning that things could be about to change when he said, "If you're a target of Amazon, your stock doesn't get a 22 multiple it gets reduced." Cramer also said, "Amazon is so deep in the psyche of hedge funds, they'll bang down HD on the notion Bezos would get into building supplies."

At last check, HD is trading off by 4.2% to $150 a share.

Let's turn to the chart now for Home Depot and see if this weakness is going to create an ideal buying opportunity in the near future.

If you take a look at the chart for HD, you'll notice that this stock is dumping hard here and trending back below both its 50-day and 20-day moving averages with heavy volume. Shares of Home Depot had broken out prior to its earnings report above some near-term overhead resistance levels at $154.50 to $154.79 a share, but that breakout has now failed off the post-earnings reaction.

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That said, this selloff in HD has not violated a much longer-term uptrend line that has acted as major support for over two years.

I fully expect shares of Home Depot to break below some key near-term support levels in the coming days or weeks at $144.25 to its 200-day moving average around $143 a share. Once that breaks, then we should get a golden opportunity to buy shares of HD near that strong uptrend line support that will come in at around $140 a share, or near its previous breakout levels at $134 to $136 a share with heavy volume.

The bottom line, this selloff for HD isn't over yet and the stock is likely to break below some key near-term support levels soon.

Let this stock come in and take advantage of any dip towards that longer-term uptrend line, or the previous breakout levels. Fundamentals are solid, despite the threat from Amazon, so be ready to pounce and buy that weakness with a reasonable stop.

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This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.