High Above Average Volume on Hovnanian

Published on Friday, 10 August 2012 11:38 Written by TradersHuddle Wire

New York, August 10th (TradersHuddle.com) - Unusual high volume detected on shares of Hovnanian Enterprises, Inc. (NYSE:HOV) early in the trading session. The pace in volume of Hovnanian is already above average, with buyers stepping in, as the stock is 6.61% higher.

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 1.114 times its 3-month average volume and has calculated support and resistance at $2.23 and $2.45 respectively. Traders like to use volume as their lie detector for price action movement through predefined trading ranges.

The overall market index S&P 500 is trading lower by -0.27% from its previous trading close, which means that Hovnanian stock is outperforming the overall market.