Home Depot (HD) Stock is the ‘Chart of the Day’

NEW YORK (TheStreet) -- Home Depot (HD) - Get Report stock is up by 0.17% to $135.89 in midday trading on Monday and shares could rally next week when the retailer reports its quarterly earnings, according to TheStreet's Chris Versace and Bob Lang.

The Atlanta-based home improvement retailer is expected to deliver solid top and bottom line growth when it releases its quarterly results before the market open on May 17.

Wall Street is anticipating earnings of $1.34 per share on revenue of $22.22 billion for the latest quarter.

Last year, Home Depot reported earnings of $1.21 per share on revenue of $20.89 billion for the fiscal 2015 first quarter.

Versace and Lang choose Home Depot as Monday's "Chart of the Day." Here's what else they had to say about the company:

As the market has corrected about 3% over that last few weeks, it has deflated some of the nice breakouts we saw as the markets hit relative highs in mid April.

Some, however, only had a modest pullback, awaiting the next surge to move onto new heights. We find Home Depot to be one of those stocks, the recent pullback just barely hit the chart pattern.

In fact, this is a nice bull pennant, after a strong surge from the lows in February. Impressive relative strength and low volume on this recent pull down in price has this one primed and ready. Earnings are out soon, which could help push this stock out to new all time highs once again.

Chris Versace and Bob Lang's "Chart of the Day: Home Depot" was originally published on 5/9/16 on Trifecta Stocks.

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