Monday, August 13, 2018 12:28:43 PM
This morning, most of the leading home-builder stocks are coming under selling pressure. Home-builder stocks such as Lennar Corp (NYSE:LEN), Toll Brothers Inc (NYSE:TOL), DR Horton Inc (NYSE:DHI) and other are all trading lower by more than 3.0 percent today. Many investors are blaming the recent Redfin Corp (NASDAQ:RDFN) guidance for the decline in the home-building sector, but the industry group has been slumping since the start of 2018.
Lennar Corp (NYSE:LEN) is one particular home-builder that has caught my eye. This stock topped out on January 22, 2018 at $72.17 a share. Since that high pivot, the stock has steadily declined lower throughout the year. Today, LEN stock is trading down by $2.43 to $50.94 a share. Traders should note that the stock has been trading in a sideways range since mid-May. This pattern tells me that there is one more move lower to go before the stock finds a defined bottom. Traders and investors must now watch the $45.00 area as the next major support level for the home-builder. This is where the stock broke out in February 2017. Very often, prior break-out levels will serve as major support when retested.
Nicholas Santiago
InTheMoneyStocks
Recent LEN News
- Nike Shares Surge 7% Pre-Market as Elliott Hill Becomes CEO; FedEx Shares Tumble 13% After Profit Miss • IH Market News • 09/20/2024 10:02:58 AM
- Lennar Reports Third Quarter 2024 Results • PR Newswire (US) • 09/19/2024 08:30:00 PM
- U.S. Index Futures Rise After Fed Rate Cut; Oil Prices Climb • IH Market News • 09/19/2024 10:28:34 AM
- Quarterra Multifamily and QuadReal Announce Start of Leasing at The Piper Apartments • PR Newswire (US) • 09/18/2024 10:15:00 AM
- Quarterra Multifamily Announces Construction on Emblem Mill Road Apartments • PR Newswire (US) • 09/12/2024 05:45:00 PM
- Lennar Corporation's Third Quarter Earnings Conference Call to Be Broadcast Live on the Internet • PR Newswire (US) • 09/05/2024 08:30:00 PM
- Quarterra Announces Opening of Emblem Cane Bay North Apartments • PR Newswire (US) • 09/04/2024 01:28:00 PM
- Quarterra Multifamily Announces the Start of Leasing at Harwood Apartments • PR Newswire (US) • 07/30/2024 05:38:00 PM
- Lennar Corporation Declares Quarterly Dividends • PR Newswire (US) • 06/20/2024 08:30:00 PM
- Fisker Files for Bankruptcy, Chegg Stocks Rise on 23% Workforce Reduction, and More • IH Market News • 06/18/2024 11:02:13 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 06/17/2024 08:31:36 PM
- Lennar Reports Second Quarter 2024 Results • PR Newswire (US) • 06/17/2024 08:30:00 PM
- U.S. Index Futures Mixed; Commodities and Global Markets Update • IH Market News • 06/17/2024 10:50:33 AM
- Quarterra Multifamily Announces the Start of Leasing at Dryden Apartments • PR Newswire (US) • 06/07/2024 01:18:00 PM
- LENNAR CORPORATION'S SECOND QUARTER EARNINGS CONFERENCE CALL TO BE BROADCAST LIVE ON THE INTERNET • PR Newswire (US) • 06/04/2024 08:30:00 PM
- Quarterra Multifamily Announces the Start of Construction at Renata Apartments • PR Newswire (US) • 06/04/2024 06:45:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/03/2024 09:06:09 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/03/2024 08:39:56 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/03/2024 08:30:30 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/22/2024 08:16:47 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/16/2024 08:17:22 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/14/2024 08:18:44 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/10/2024 08:54:15 PM
- Lennar Corporation Declares Quarterly Dividends • PR Newswire (US) • 04/10/2024 08:30:00 PM
- Quarterra Multifamily Announces the Start of Leasing at Emblem Conyers Apartments • PR Newswire (US) • 04/02/2024 02:10:00 PM
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