Home Depot (HD) has been choppy since May, but was bullish before that. In May, after tagging 161.00 price went into consolidation, then bearish correction mode. But in July, we saw a sharp rebound. Last time we looked at Home Depot (HD), we noted that the rebound was going to be challenged by resistance factors aroudn 155 and a falling trendline around 156. Indeed HD is retreating from this critical resistance.Home Depot (HD) Daily Chart(click to enlarge)Anticipating support:- As price retreats, we have to make note of a couple of things.- First of all, the bullish swing in July was strong, so there is a chance the HD is back on the bullish trend even though it is initially backing down from the 156 resistance.- With the bullish scenario being considered, we should anticipate support around 150 if price gets down there. The 150-150.60 area is a support/resistance pivot area. - But if the market is truly bullish, we might even witness support around 152, where the 200- and 100-day simple moving averages (SMAs) reside. In fact, this would be itself a strong bullish signal - with price crossing back above the SMAs and then bounce off of them as support.- Now a break below 150 would reduce the prospect of a bullish breakout.