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Possible Bullish Inside Day Candle Pattern Detected for M/I Homes Inc (NYSE:MHO)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in M/I Homes Inc (NYSE:MHO) based on the price action in the company's shares. Yesterday's price range of $40.02 and $40.81 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. Traders and investors interested in shares of M/I Homes Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

M/I Homes Inc has overhead space with shares priced $40.62, or 5.5% below the average consensus analyst price target of $43.00. The stock should hit resistance at its 50-day moving average (MA) of $42.63, as well as support at its 200-day MA of $33.85.

M/I Homes Inc share prices have moved between a 52-week high of $46.57 and a 52-week low of $20.35 and closed yesterday at 100% above that low price at $40.62 per share. Over the last five market days, the 200-day moving average (MA) has gone up 1.1% while the 50-day MA has advanced 0.9%.

M/I Homes, Inc. builds single-family homes. M/I Homes has homebuilding operations in Ohio, Indiana, Florida, North Carolina, Virginia, and Maryland.

SmarTrend is monitoring the recent change of momentum in M/I Homes Inc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of M/I Homes Inc in search of a potential trend change.

Keywords: bullish am inside day candle m/i homes inc

Ticker(s): MHO