Bears Appeared on KB HOME
Published on Friday, 26 October 2012 04:42 Written by TradersHuddle Wire
New York, October 26th (TradersHuddle.com) - Shares of KB HOME (NYSE:KBH) ended the trading session lower by $0.26 or -1.56% from its previous close. KB HOME's price action formed what is considered to be a bearish engulfing candlestick chart pattern.
KB HOME (NYSE:KBH) builds single-family homes, primarily targeting first-time and first move-up homebuyers. The Company operates in Arizona, California, Colorado, Florida, Georgia, Illinois, Nevada, Wisconsin, New Mexico, North Carolina, South Carolina, and Texas.
KB HOME's current stock range is determined by calculated support defined at $16.17 and by the resistance level at $17.30, which should be used by traders planning their next move.
If traders want to establish a position in KB HOME , they need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal in the current price action. The Bearish engulfing pattern is a leading warning sign; therefore, traders should closely monitor KB HOME for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration:
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