PHM pushes through Monday's high
PulteGroup Inc. (PHM) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, PHM ended the month 0.18% higher at 34.03 after gaining $0.53 (1.58%) today on low volume, slightly outperforming the S&P 500 (1.54%). Trading up to $0.56 lower after the open, PulteGroup managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on June 22nd, PHM gained 0.14% on the following trading day. Closing above Monday's high at 33.85, the stock confirmed its breakout through the prior session high after trading up to $0.40 above it intraday.
Daily Candlestick Chart (PHM as at Jun 30, 2020):
Tuesday's trading range has been $1.21 (3.6%), that's below the last trading month's daily average range of $1.70. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for PHM.
The share shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying could speed up should prices move above the close-by swing high at 35.73 where further buy stops might get triggered.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for PulteGroup. Out of 328 times, PHM closed higher 53.66% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 57.62% with an average market move of 1.08%.