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Home Depot Could Rise 30%: TheStreet's Technical Analyst Bruce Kamich

TheStreet's in-house technical analyst and Real Money writer Bruce Kamich said Home Depot (HD) shares could rise 30% based on an analysis of its stock chart.

TheStreet's in-house technical analyst and Real Money writer Bruce Kamich said Home Depot (HD) shares could rise 30% based on an analysis of its stock chart. Kamich said Home Depot based out for much of 2008-2011, following the movement of housing stocks during that period. The stock then broke out to the $75 range, and in the past year, rose again and consolidated in the area of $110 to $115. The stock has broken out again, and Kamich believes Home Depot could now climb into the $150 to $160 range. He suggests a $111 sell stop for existing long positions. Kamich noted that Home Depot is one of the few members of the Dow Industrials with a really great looking chart.

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