Home Depot has been in a fairly wide and loose weekly trading range since the end of 2015. Each time price has reached the upper end of the range it has reacted lower, leading to a deeper pullback.
Over the past several weeks however as price reached the upper range resistance it did not turn lower. In fact the stock held rather tightly against the resistance level and this past week powered to new Weekly closing highs.
This behavior by the stock is what I like to call a "higher range base", meaning the stock is trading in a larger defined channel, but instead of continuing to move from the upper range to the lower it stops and settles near the highs. What this new price behavior tells me is that the stock is now comfortable with the higher price level and is due to resume an upside rally.
The Higher Range Base is a symptom of a strong underlying bid for the stock where any viable sellers have already made their moves and are now giving up. The stock simply will not sell off anymore at this level and appears to want higher.