Homebuilder Lennar has been grinding higher this year, but some traders may expect a breakdown.
The first pattern on today’s chart is the rising trendline along lows in January, February and March. Prices have sat there for the last four sessions with little sign of a bounce, which may suggest it’s losing relevance as support.
Second, the 50-day simple moving average is in the same area. That could give extra weight to the current zone and confirm a potential bearish move.
Third, MACD is falling.
Finally, the 8-day exponential moving average (EMA) crossed below the 21-day EMA last week for the first time since early November. That may suggest the short-term trend has turned negative.
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