New York, December 27th (TradersHuddle.com) - Shares of PulteGroup, Inc. (NYSE:PHM) closed the trading session at $17.79 below calculated support at $17.89. The stock broke down technically, raising concerns as the move might trigger additional selling.
PulteGroup, Inc. (NYSE:PHM) constructs and develop residential and active adult communities. The Company also provides mortgage financing, title insurance, and other services to home buyers. Pulte has operations in various markets across the United States and Puerto Rico.
Pulte's stock was trading in a well defined range with support at $17.89 and resistance at $18.86; given that this range was broken traders will be closely monitoring the stock's price action for clues of direction.
From a technical perspective, it can be expected that previous support becomes resistance, as the new range gets defined. However, $17.89 will remain in focus as Pulte's price action places the stock near the broken support. Traders will be waiting to see if it can bounce back and return to its previous range.
Traders wanting to establish a short position in Pulte can do so if the stock breaks the intraday low, or if the stock bounces back and selling materializes again at previous support of $17.89. However, if traders want to build a long position, the best entry point to do so is when the price action takes the stock back to calculated support.
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