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Berger: Buy Home depot on Cyber Monday
Serge Berger, also known as the Steady Trader, is focusing on Home Depot as he says this is a big week for retailers. Today is also "cyber Monday" - the busiest online shopping day of the year. He says the US stock market pushed towards new record highs last week.
In November, Home Depot raised its 2013 forecast for the third time this year, as rising home prices encourage more Americans to invest in their properties and complete delayed projects. It increased its forecast to USD 3.72 per share from USD 3.60 and sales growth forecast to about 5.6 percent from 4.5 percent.
On
the technical side, Serge says Home Depot reached highs of USD 81.50 and
USD 82 last week, and he says the stock is trading in tight formation above the
200-day moving average.
As a result, Serge is looking to buy on a break above USD 81.50, to place a
stop at USD 79.30 and his target is USD 85.
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00:59 minutes
Tags: america, black friday, cyber monday, dollar, dow jones, earnings per share, equities, equity, home, home depot profit, investing, investment, online shopping, retail, retail week, s&p 500, saxo bank, saxo tv, serge berger, shopping, stock market, the steady trader, trade idea, trader, trading, tradingfloor.com, us economy, us stock market, usd, video, xmas