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

By Nick Russo

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 $31.81 and $32.00 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.

Potential upside of 4.0% exists for DR Horton, based on a current level of $31.82 and analysts' average consensus 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.

DR Horton share prices have moved between a 52-week high of $34.56 and a 52-week low of $22.97 and are now trading 39% above that low price at $31.82 per share. The 200-day and 50-day moving averages have moved 0.19% higher and 1.09% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of DR Horton on January 24th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $30.17. Since that recommendation, shares of DR Horton have risen 6.2%. 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

Ticker(s): DHI