Will HD finally provide investors with some gains after 2.5 years of stagnation?

Taking a look at Home Depot as it’s due to report its quarterly earnings tomorrow with this earnings season finally coming to an end. Currently, the firm’s shares are trading at around $348.66 a share in the pre-market session, with what looks like newly found resistance around $377.75 on the weekly chart. After forming a higher low around $312.24 back in May, the upside has been limited ever since. Perhaps the earnings will be the new catalyst here for HD to provide investors with some gains after 2.5 years of stagnation (in terms of share price). A move above the resistance of $377.65 would then face resistance along the descending trendline, which is the primary focus here. Only a break above the trendline could offer support for a move toward the all-time highs, though $397.86 would certainly obstruct in the short term. Heading into the earnings, support sits along the ascending trendline reading around $330 a share. A break below here would see investors/traders look toward the support of $312.24 before potentially adjusting positions. A move below $312 would increase the likelihood of a sell-off back towards the lows of October 2023, especially if the general market sentiment continues in the manner we saw last week. The technical indicators do not offer any insight as they are mixed, the MACD is practically flat and the RSI is in a neutral position.