Green day on Friday for Lennar Corporation stock after gaining 1.5348803375282%
(Updated on Dec 08, 2023)
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The stock lies in the upper part of a wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $140.80 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 17.56% during the next 3 months and, with a 90% probability hold a price between $133.34 and $165.53 at the end of this 3-month period.
LEN Signals & Forecast
The Lennar Corporation stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $133.62 and $121.20. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, October 25, 2023, and so far it has risen 35.42%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
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Support, Risk & Stop-loss for Lennar Corporation stock
Lennar Corporation finds support from accumulated volume at $135.37 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $3.31 between high and low, or 2.42%. For the last week, the stock has had daily average volatility of 2.02%.
The Lennar Corporation stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought and the RSI is still moving upwards. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely, and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stop-loss: $134.92 (-3.34%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 83 and this increases the risk substantially. There is a buy signal from a pivot bottom found 31 days ago.)
Trading Expectations (LEN) For The Upcoming Trading Day Of Monday 11th
For the upcoming trading day on Monday, 11th we expect Lennar Corporation to open at $138.76, and during the day (based on 14 day Average True Range), to move between $136.82 and $142.34, which gives a possible trading interval of +/-$2.76 (+/-1.98%) up or down from last closing price. If Lennar Corporation takes out the full calculated possible swing range there will be an estimated 3.96% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $135.37, some $4.21 (3.02%) from the current price of $139.58, our system finds the risk reward attractive.
Is Lennar Corporation stock A Buy?
Lennar Corporation holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.
Current score: 7.415 Open Broker AccountStrong Buy Candidate Unchanged
Predicted Opening Price for Lennar Corporation of Monday, December 11, 2023
The predicted opening price is based on yesterday's movements between high, low, and closing price.
|Fair opening price December 11, 2023||Current price|
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Fibonacci Support & Resistance Levels
Accumulated Volume Support & Resistance Levels
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