Hovnanian Bulls in Charge

Published on Tuesday, 11 September 2012 12:34 Written by TradersHuddle Wire

New York, September 11th (TradersHuddle.com) - Shares of Hovnanian Enterprises, Inc. (NYSE:HOV) booked a new 52 week high today by trading above $3.36, traders are definitely monitoring Hovnanian's price action to see if this move attracts further buying into the stock.

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 is currently trading 3.47% versus its previous trading session close, and it has calculated support and resistance at $2.45 and $3.36 respectively. Clearly, with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range.

The overall market index S&P 500 is trading higher by 0.42% from its previous trading close, which means that Hovnanian stock is outperforming the overall market.