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

By David Diaz

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 $33.37 and $33.70 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.

In the past 52 weeks, shares of DR Horton have traded between a low of $22.97 and a high of $34.56 and are now at $33.67, which is 47% 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%.

There is potential upside of 4.3% for shares of DR Horton based on a current price of $33.67 and an average consensus analyst price target of $35.13. 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.

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 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 11.8%. 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