Homebuilders Are Trying to Turn
Homebuilders have pulled back following a big rally. Now the chart could be lining up for another move to the upside.
The Philadelphia Housing Index has been finding support at its 100-day simple moving average for the last two weeks. It’s also been holding a price zone around 460. That’s potentially significant because it was a peak on March 17 and then a consolidation zone March 26-30, before prices broke out to new highs.
Those are longer-term patterns. Two other signals have appeared in the shorter time frame.
First, HGX is pushing above its 21-day exponential moving average (EMA) today – something it hasn’t done in a month. The 8-day EMA is also nearing a cross above the 21-day EMA, which will trigger alerts for some trend followers.
Second, MACD is rising again after a month in the red.
Finally, the weekly chart shows an inside candle last week. That also suggests the shorter-term downtrend has ended and prices are ready to resume their longer-term uptrend.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
The Philadelphia Housing Index has been finding support at its 100-day simple moving average for the last two weeks. It’s also been holding a price zone around 460. That’s potentially significant because it was a peak on March 17 and then a consolidation zone March 26-30, before prices broke out to new highs.
Those are longer-term patterns. Two other signals have appeared in the shorter time frame.
First, HGX is pushing above its 21-day exponential moving average (EMA) today – something it hasn’t done in a month. The 8-day EMA is also nearing a cross above the 21-day EMA, which will trigger alerts for some trend followers.
Second, MACD is rising again after a month in the red.
Finally, the weekly chart shows an inside candle last week. That also suggests the shorter-term downtrend has ended and prices are ready to resume their longer-term uptrend.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.