New York, January 13th (TradersHuddle.com) – Unusual high volume detected on shares of Hovnanian Enterprises, Inc. (NYSE:HOV), early in the trading session. Hovnanian is currently trading lower by 2.18%, so definitely the sellers in control, as the stock’s volume is already above average.
Hovnanian Enterprises, Inc. (NYSE:HOV) designs, constructs, and markets single-family detached homes, townhomes, condominiums, and adult active homes. The Company operates in the states of New Jersey, North Carolina, Pennsylvania, Virginia, Maryland, New York, California, Texas, Tennessee, Alabama, and Mississippi. Hovnanian also provides various financial services, including originating mortgages from homebuyers, and title insurance activities.
Hovnanian has already traded 1.134 times its 3-month average volume, and has calculated support and resistance at $1.29 and $1.51 respectively. Traders like to use volume as their lie detector for price action moves through predefined trading ranges.
The overall market index S&P 500 is trading lower by -0.76% from its previous trading close, which means that Hovnanian stock is underperforming the overall market.