Call Spread Purchased on The Home Depot (HD)

Shares of The Home Depot Inc. HD are lower on the session by 1.62%, currently trading at $29.71. The stock has been moving lower for the past two months, but is now nearing a long-term, upward trending support line. Calls buyers are targeting the name today as well. The August $32/34 call spread was purchased 20,000 times, for $0.39. Volume did not exceed open interest on either strike, which makes this trade hard to decipher. Nevertheless, this shows that bullish sentiment on HD has not completely disappeared. The Home Depot, Inc. is a home improvement retailer. The Home Depot stores sell an assortment of building materials, home improvement and lawn and garden products and provide a number of services. The Home Depot stores average approximately 105,000 square feet of enclosed space, with approximately 24,000 additional square feet of outside garden area.