Home Depot (HD) inched higher in its latest intraday trading, as the stock attempted to recover part of its earlier losses while also working to unwind some of its clear oversold conditions on the Relative Strength Indicators, supported by the initial arrival of positive signals. This comes despite the dominance of a strong short-term downtrend, with price action moving along a sharply descending secondary trendline, reflecting the strength and depth of the negative momentum surrounding the stock.

Therefore, we expect the stock to decline again in the upcoming intraday sessions, as long as the resistance level of $356.10 remains intact, targeting the key support level of $326.30.

Today's price forecast: Bearish