PHM breaks below previous session low
PulteGroup Inc. (PHM) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, PHM ended the week 0.35% higher at 28.74 after losing $0.59 (-2.01%) today. Closing below Thursday's low at 29.25, Pulte Homes confirms its breakout through the previous session's low having traded $0.76 below it intraday.
Daily Candlestick Chart (PHM as at Aug 10, 2018):
Friday's trading range was $0.63 (2.16%), that's slightly below last trading month's daily average range of $0.78. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.
Prices are trading close to a key support level at 28.46. Prices are trading close to the key resistance level at 29.18.
Though the share is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.
Selling might accelerate should prices move below the nearby swing low at 28.11 where further sell stops could get triggered. With prices trading close to this year's low at 27.55, downside momentum might speed up should the stock break out to new lows for the year.