DHI pushes through Monday's high
D.R. Horton Inc. (DHI) Technical Analysis Report for Apr 16, 2019 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, DHI ended Tuesday at 45.69 gaining $0.27 (0.59%), outperforming the S&P 500 (0.05%). Today's close at 45.69 marks the highest recorded closing price since August 22, 2018. Closing above Monday's high at 45.68, the share confirmed its breakout through the prior session high after trading up to $0.18 above it intraday.
Daily Candlestick Chart (DHI as at Apr 16, 2019):
Tuesday's trading range has been $0.41 (0.9%), that's far below the last trading month's daily average range of $0.98. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for DHI.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on March 8th, DHI gained 1.73% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "5 Consecutive Higher Closes" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for D. R. Horton. Out of 40 times, DHI closed lower 55.00% of the time on the next trading day after the market condition occurred.