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Possible Bearish Inside Day Candle Pattern Detected for Dr Horton Inc (NYSE:DHI)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Dr Horton Inc (NYSE:DHI) based on the price action in the company's shares. Today's price range of $45.43 and $45.43 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Dr Horton Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

D.R. Horton, Inc. constructs and sells single-family homes designed primarily for the entry-level and move-up markets. The Company operates in the Midwest, Mid-Atlantic, Southeast, Southwest, and Western regions of the United States. D.R. Horton also, through its financial services operations, provide mortgage financing and title agency services to homebuyers.

Dr Horton Inc share prices have moved between a 52-week high of $47.02 and a 52-week low of $32.39 and are now trading 40% above that low price at $45.43 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.6%.

Potential upside of 20.4% exists for Dr Horton Inc, based on a current level of $45.43 and analysts' average consensus price target of $54.68. The stock should discover initial support at its 50-day moving average (MA) of $44.00 and subsequent support at its 200-day MA of $40.15.

SmarTrend recommended that subscribers consider buying shares of Dr Horton Inc on February 12th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $39.38. Since that recommendation, shares of Dr Horton Inc have risen 14.7%. We continue to monitor DHI for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle dr horton inc

Ticker(s): DHI