Lennar Sneaks Higher as Tech Plunges
Homebuilders like Lennar have been climbing as the broader market struggles. Could traders look for more gains as the Federal Reserve prepares interest-rate cuts?
The first pattern on today’s chart is the rally to new highs in July, followed by a limited pullback and upside continuation in August. Such price action may reflect accumulation by longer-term investors.
Second, last week’s low occurred on Wednesday. That contrasts with the broader market, which closed near its lows on Friday. LEN’s level was also near a weekly high on August 7. Has old resistance become new support?
Third, the price zone was near a 50 percent retracement of the rally from August’s trough. That may further suggest that bulls are in charge.
Next, the stock is holding its 21-day exponential moving average (EMA). Our 2 MA Ratio custom script in the lower study also shows how the 8-day EMA is above the 21-EMA, a potential sign of bullishness in the near term.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options and futures. See our Overview for more.
Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options or futures); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at https://www.TradeStation.com/DisclosureOptions. Before trading any asset class, customers must read the relevant risk disclosure statements on https://www.TradeStation.com/Important-Information/. System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission and a futures commission merchant licensed with the Commodity Futures Trading Commission). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association, and a number of exchanges.
TradeStation Securities, Inc. and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., both operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit https://www.TradeStation.com/DisclosureTSCompanies for further important information explaining what this means.
The first pattern on today’s chart is the rally to new highs in July, followed by a limited pullback and upside continuation in August. Such price action may reflect accumulation by longer-term investors.
Second, last week’s low occurred on Wednesday. That contrasts with the broader market, which closed near its lows on Friday. LEN’s level was also near a weekly high on August 7. Has old resistance become new support?
Third, the price zone was near a 50 percent retracement of the rally from August’s trough. That may further suggest that bulls are in charge.
Next, the stock is holding its 21-day exponential moving average (EMA). Our 2 MA Ratio custom script in the lower study also shows how the 8-day EMA is above the 21-EMA, a potential sign of bullishness in the near term.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options and futures. See our Overview for more.
Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options or futures); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at https://www.TradeStation.com/DisclosureOptions. Before trading any asset class, customers must read the relevant risk disclosure statements on https://www.TradeStation.com/Important-Information/. System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission and a futures commission merchant licensed with the Commodity Futures Trading Commission). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association, and a number of exchanges.
TradeStation Securities, Inc. and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., both operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit https://www.TradeStation.com/DisclosureTSCompanies for further important information explaining what this means.
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