Home Depot may test the resistance above in the coming weeks, the area is highlighted using the blue channel. If this is to be the case, it could happen right ahead of the widely anticipated US elections. This could also be fuelled by the start of the Fed cutting cycle, lower rates mean a possible increase in spending within the economy. Hence, with HD being in the consumer cyclical sector, it may benefit from this in the short-mid term outlook. Its shares are currently trading at around $382.25 a share, and the first resistance point reads $397.86. A move above here would see the price of the stock enter the channel, with the focus then shifting towards the all-time high of $422.61. Towards the downside, support sits at $355.36 then around $335 (as this was previously a key resistance area), and then at $312.24. A break below $312.24 would certainly create worries for investors as it could imply an underlying shift in momentum with regard to the entire stock market. The MACD indicator is bullish on the weekly interval, creating a potential setup for more upside towards the back end of the year.