Corey Rosenbloom: On better than expected earnings, retail stock The Home Depot, Inc. (NYSE:HD) gapped higher, breaking to all-time highs through a ceiling of resistance.
Let’s take a look at the breakout and note how far Home Depot has traveled in a short amount of time.
Here’s the Daily Chart with the Breakout:
Shares actually broke free of a resistance level – a Symmetrical Triangle Price Pattern – above $82.00 per share and continued the bullish impulse into the $84.00 level.
Today’s pre-market earnings boosted shares above the breakout into a trending impulse well above the $84.00 prior high level.