Home Depot (HD) Chart Analysis 082006

Monthly chart shows no buy pattern as of yet; however, we do have support at the LBB and the stock has found support at this level before. Will it hold this time or not? Watching lower timeframe charts closely for clues.

This chart shows that last week, bulls have come out of the woodwork to buy this. We have closed above prior LIS at $34.50ish. We have spent 5 weeks now at this support level. Upside targets for this possible move up: $37.00, $38.43, $39.75ish.

The first wave up off the $32.85 low is a 3 wave pattern, so this is corrective. Stock has found support here, so let's see how far the bulls want to take this -- We do have a small PRZ at the $37.00 level.