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

By James Quinn

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. Yesterday's price range of $31.62 and $31.94 is within the prior day'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.

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.

In the past 52 weeks, shares of DR Horton have traded between a low of $22.97 and a high of $33.10 and closed yesterday at $31.73, which is 38% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.1% while the 200-day MA has risen 0.2%.

Potential upside of 4.3% exists for DR Horton, based on a current level of $31.73 and analysts' average consensus price target of $33.09. DR Horton shares have support at the 50-day moving average (MA) of $29.84 and additional support at the 200-day MA of $29.70.

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 am inside day candle DR Horton

Ticker(s): DHI