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Possible Bearish Inside Day Candle Pattern Detected for Pulte Homes (NYSE:PHM)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Pulte Homes (NYSE:PHM) based on the price action in the company's shares. Today's price range of $19.50 and $19.68 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 Pulte Homes 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 8.5% for shares of Pulte Homes based on a current price of $19.62 and an average consensus analyst price target of $21.30. The stock should find initial support at its 200-day moving average (MA) of $18.55 and further support at its 50-day MA of $18.21.

In the past 52 weeks, shares of Pulte Homes have traded between a low of $14.61 and a high of $22.10 and are now at $19.62, which is 34% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 0.6%.

Pulte Homes, Inc. sells and constructs homes, and purchases, develops, and sells residential land and develops active adult communities. The Company also provides mortgage financing, title insurance, and other services to home buyers. Pulte has operations in various markets across the United States and Puerto Rico.

SmarTrend is tracking the current trend status for Pulte Homes and will alert subscribers who have PHM in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle Pulte Homes

Ticker(s): PHM