Is Lennar Breaking Out?
Published on Thursday, 03 May 2012 09:04 Written by TradersHuddle Wire
New York, May 3rd (TradersHuddle.com) - Shares of Lennar Corporation (NYSE:LEN) closed the session at $29.02 just above calculated resistance at $28.72. The stock moved to what appears to be a higher range, spurring attention from momentum buyers.
Lennar Corporation (NYSE:LEN) builder of single-family attached and detached homes. The Company also provides mortgage financing, title insurance, closing services and other ancillary services.
The stock was trading in a well defined range with support at $24.30 and resistance at $28.72. Given that this range was broken, traders will be closely monitoring Lennar's price action to gather clues on the future direction.
From a technical perspective, it can be expected that previous resistance becomes support, as the new range gets defined. However, given that Lennar is still near the broken resistance level, traders will be focusing on the $28.72 level to see if the stock holds the breakout without rolling over.
- Apache To Sell Selected Canadian Oil And Gas Assets For $112 Million In Two Transactions
- Broadcom - Worst Performing Semiconductor
- Top Performing Dow Component: United Technologies
- Apache Donates 1 Millionth Tree For Black Bear Habitat
- Intel Is Close to Important Technical Levels
- Oando Energy Resources Provides an Update on the ConocoPhillips Acquisition
- TradersHuddle Mid-day Update: Dow Jones Higher Top Performers: UTX, TRV, PG
- Sector Mid-Day Wrap - Semis Higher: RBCN, POWI, CRUS
- Intel Is Moving Above Resistance
- Sector Wrap - Semis Higher: RBCN, POWI, CRUS
Related Partner Headlines
Recent Trading Ideas
Latest Partner Headlines