Skinny On LEN (Lennar): Saturday June 3, 2023
To enlarge chart, right click and open in new tab Stock Lennar (Ticker: LEN) / Sat Jun 3, 2023 / DAILY Chart
PRIOR COMMENTARY
In 2023, I recommended this stock twice in the Stock Picks Grid. First instance was after close Wed Mar 8 as Buy Signal Now, for a 114.00 upside target with a recommended stop below 92.00.
The second recommendation was Persistent Uptrend as of close of Wed Apr 6.
RECAP
On the 1st recommendation, shares did trade higher, to 113.90 (Apr 20).
On the 2nd recommendation, shares maintained the uptrend from 94.11 (Mar 2 low) but slowed the pace, correcting lower after posting the 115.99 high (May 19).
OUTLOOK
After declining from 115.99 (just beneath 116.18 peak), shares are now rebounding from 105.90. The recommendation is Buy Signal Now based on:
- Price stabilizing ahead of the 50% retracement (105.15) of the 94.11/116.18 advance
- Price confirming a Doji candle in a bullish manner → Gann Candlesticks
- Momentum shows RSI Power Zones turning higher from Bull Support after posting a Positive Reversal → Four Zones RSI Coverage System
The recommended protective stop level is below the 103.35 Price Low
The initial upside target is 122.31
The ultimate upside target is 127.78
Ticker LEN | KEY PRICE LEVELS
127.78 – Advanced Forecast (Feb 24, May 19, May 31)
122.31 – 75% Price Sub Target based on Advanced Forecast
116.84 – 50% Price Sub Target based on Advanced Forecast
116.18 – May 9 2023 high
Resistance Above
Current price: 112.00
Support Below
105.90 – May 31 low
103.35 – Apr 14 low
100.95 – Apr 6 low
98.56 – Mar 15 low
96.06 – Mar 13 low
94.11 – Mar 2 low
Hima Reddy, CMT
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