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Watch for Continued Losses in Shares of Lennar Corp-A (LEN)

By David Diaz

Shares of Lennar Corp-A (NYSE:LEN) traded today at $43.46, breaking its 52-week low. This new low was reached on below average trading volume as 560,000 shares traded hands, while the average 30-day volume is approximately 4.3 million shares.

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.

Potential upside of 73.8% exists for Lennar Corp-A, based on a current level of $43.68 and analysts' average consensus price target of $75.89. The stock should run into initial resistance at its 50-day moving average (MA) of $50.35 and subsequent resistance at its 200-day MA of $55.79.

In the past 52 weeks, shares of Lennar Corp-A have traded between the current low of $43.46 and a high of $72.17 and are now at $43.68. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.9% while the 200-day MA has slid 0.5%.

SmarTrend recommended that its subscribers protect gains by selling shares of Lennar Corp-A on August 2nd, 2018 by issuing a Downtrend alert when the shares were trading at $50.97. Since that call, shares of Lennar Corp-A have fallen 14.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: 52 week high/lows lennar corp-a

Ticker(s): LEN