PHM unable to break through key resistance level
Pulte Homes Inc. (PHM) Technical Analysis Report for Apr 16, 2018
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.
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.
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.
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.
Selling could accelerate should prices move below the nearby swing low at 28.91 where further sell stops might get activated.
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||Direction||Win Rate||Win Rate||Exit Day||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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