Get 40% Off
🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

Weak Showing For The Homebuilders

Published 04/30/2013, 01:12 AM
Updated 07/09/2023, 06:31 AM
DHI
-
LEN
-
KBH
-
HOV
-
TOL
-
TOL
-
TOL
-

Yesterday, the leading homebuilders rolled over, giving back most of their early morning gains. In fact, most of the leading homebuilder stocks were trading negative on the session. Lennar Corp (LEN) is one of the leading homebuilder stocks in the sector. Yesterday, LEN stock was trading lower by 0.61 cents to $41.69 a share. Short term traders should watch for intra-day support around the $41.40 level. The daily chart of LEN will have support much lower around the $37.50 area.

Some leading homebuilder stocks that declined included KB Home (KBH), Toll Brothers Inc (TOL), Hovnanian Enterprises Inc (HOV), and D.R. Horton Inc (DHI). This decline in the homebuilder stocks is taking place while the major stock indexes are rallying higher.

Should this leading industry group decline further it could be a warning sign for the overall economy. Traders would need to see further downside in this sector before panicking, but yesterday could be a warning sign.

LEN

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.