PHM unable to break through key resistance level

Pulte Homes Inc. (PHM) Technical Analysis Report for Apr 16, 2018

Highlights

PHM closes above its opening price after recovering from early selling pressure
PHM pushes through 50-day moving average
PHM unable to break through key resistance level
PHM finds support at 50-day moving average
PHM closes higher for the 2nd day in a row

TQ Sentiment

Report Sentiment: 40% Bullish
Technical Forecast:

Overview

Moving higher for the 2nd day in a row, PHM finished Monday at 29.57 gaining $0.28 (0.96%). Trading up to $0.27 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for PHM

Volatility

Monday's trading range was $0.69 (2.34%), that's slightly below last trading month's daily average range of $0.84. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 28.91 and 29.86 which it has been in now for the last three days.

Support/Resistance

Prices are trading close to a key support level at 29.08. Unable to break through the key technical resistance level at 29.79, the stock closed below it after spiking as high as 29.86 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward. After trading as low as 29.17 during the day, the market found support at the 50-day moving average at 29.35.

Trend

While PHM is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory. The share managed to break above the 50-day moving average at 29.35 today for the first time since April 4th.

Order Flow

Selling could accelerate should prices move below the nearby swing low at 28.91 where further sell stops might get activated.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for Pulte Homes Inc.

Condition Forecast Direction Win Rate Exit Day Events
Close near low of period TQ Pro Members Only
High close to previous High TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
Bearish Intraday Reversal TQ Pro Members Only
Down Close Near Low of Period TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

PHM breaks key support level

Sep 17, 2018
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