Skinny on LEN (Lennar)

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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