From this list of  10 dividend stocks that have been hit hard lately, some might indeed be on sale right now -- but from a technical perspective, I found four of the names to be vulnerable to still further declines. 
 
Let's take a closer look at these four stocks' charts and indicators.
 
Altria Group
 
 
 In this three-year weekly chart of Altria Group ( MO - Get Report) , above, we can see a stock that just closed below the rising 40-week moving average line following a three-year advance. The weekly on-balance-volume, or OBV, line has gently turned lower the past two months. A declining OBV line happens when the volume of trading is heavier on weeks when prices close lower. Heavier volume on down days or down weeks is a sign that sellers are anxious to get out. The moving average convergence/divergence generated a liquidate-longs signal at the end of July.
 
Perhaps similar to the correction in the first half of 2015, MO looks like it will have a multi-month correction.

 
Archer Daniels Midland
 
 
 
In this weekly chart of Archer Daniels Midland  ( ADM - Get Report) , above, we can see that prices are above the rising 40-week moving average line but are correcting down toward that line. The OBV line has basically gone sideways since December 2015, which suggests that the rally this year was not on strong footings despite its 50% retracement of the prior decline. In the lower panel is the MACD oscillator, which is crossing over to a liquidate-longs sell signal.
 
I would look for ADM to correct into the $38-to-$36 area.

 
Home Depot
 
 
In this chart of Home Depot  ( HD - Get Report) , above, I can see three big rallies the past twelve months that are diverging from the price action. Prices are making higher highs but the OBV line is making lower highs and the MACD oscillator is also making lower highs. HD looks like it will work lower in the weeks ahead with $110 our downside price objective.
 

 
Philip Morris International
 
 
 
In this three-year weekly chart of Philip Morris International  ( PM - Get Report) , above, we see a stock that has been stuck in a sideways trading range for several months. The weekly OBV line has been inching higher, which suggests an upside move could develop, but the MACD oscillator has been in a bearish configuration since late May. Again, I see the risk on the downside.
 
These four securities may be more attractive at lower levels following a period of stabilization, but at this juncture on the charts they suggest the upside is limited and the downside could be the path of least resistance.

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