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Possible Bearish Inside Day Candle Pattern Detected for Lennar Corp-A (NYSE:LEN)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Lennar Corp-A (NYSE:LEN) based on the price action in the company's shares. Today's price range of $58.92 and $59.42 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 Lennar Corp-A 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 28.1% exists for Lennar Corp-A, based on a current level of $59.23 and analysts' average consensus price target of $75.89. The stock should find initial support at its 50-day moving average (MA) of $51.96 and further support at its 200-day MA of $49.34.

Lennar Corporation constructs and sells single-family attached and detached homes, as well as buys and sells residential land. The Company also provides mortgage financing, title insurance, commercial real estate, investment management, and other financial services.

Over the past year, Lennar Corp-A has traded in a range of $37.29 to $59.72 and is now at $59.23, 59% above that low. The 200-day and 50-day moving averages have moved 0.86% higher and 2.15% higher over the past week, respectively.

SmarTrend is tracking the current trend status for Lennar Corp-A and will alert subscribers who have LEN in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle lennar corp-a

Ticker(s): LEN