Home Depot ($HD) Long Setup

Price has been in a steady bull trend since 2011 and is evident across the monthly, weekly and daily time frames. Price has recently cleared yearly pivot resistance around $116 mark and after earnings gaped over the key $120 figure. The trend filter is green across all time frames confirming bull trend. The weekly and daily are both above the 200 moving average suggesting bias is bullish. This stock has been in consolidation for almost 6 months under the 2015 highs set back in late February and has broken out today after earnings. If $120 level holds I will look to take a starter position targeting $150 as we have only blue skies ahead. Remember the bigger the consolidation, the bigger the breakout