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

By David Diaz

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 $52.37 and $52.79 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.

There is potential upside of 44.6% for shares of Lennar Corp-A based on a current price of $52.47 and an average consensus analyst price target of $75.89. The stock should discover initial support at its 50-day moving average (MA) of $48.93 and subsequent support at its 200-day MA of $47.21.

In the past 52 weeks, Lennar Corp-A share prices have been bracketed by a low of $37.29 and a high of $58.49 and are now at $52.47, 41% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.8%.

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.

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