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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in DR Horton (NYSE:DHI) based on the price action in the company's shares. Today's price range of $31.70 and $31.94 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 may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, DR Horton has traded in a range of $22.97 to $33.10 and is now at $31.78, 38% above that low. The 200-day and 50-day moving averages have moved 0.19% higher and 1.09% higher over the past week, respectively.

DR Horton has overhead space with shares priced $31.78, or 4.0% below the average consensus analyst price target of $33.09. The stock should find initial support at its 50-day moving average (MA) of $29.84 and further support at its 200-day MA of $29.70.

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.

SmarTrend is monitoring the recent change of momentum in DR Horton. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of DR Horton in search of a potential trend change.

Keywords: bearish inside day candle DR Horton

Ticker(s): DHI