Home Depot stock fell 4.5% despite strong quarterly results

Home Depot (HD.US) stock fell more than 4.5% despite solid second-quarter results. Home improvement retailer earned $4.53 per share, while analysts expected earnings of $4.44 per share. Revenue also beat market expectations. However, for the first time in seven quarters the company missed U.S. same-store sales expectations. Same-store sales rose 4.5%, below the 5% consensus estimate as fewer people visited its shops to buy items for do-it-yourself projects.

Home Depot (HD.US) stock launched today’s session with a bearish price gap and is currently testing major support at $316.00, which is marked with 38.2 Fibonacci retrecment of the last downward wave and 200 SMA (red line). Source: xStataion5