PHM extended the rebound off the 5.08 low (23 Nov 2011) to break above the 3-week bear trendline resistance (from 11/18/25 Nov 2011 weekly highs), initiating the next upleg towards 7.03 (Resistance 1) near the double bottom pattern (at 3.40/3.29 lows) target measured from 5.16. Clearance above would open 7.97 (Resistance 2) near the equality target of the upswing (from 3.29/6.04) for a retest.
Meanwhile, failure to sustain strength above the 6.04/6.13 resistance would delay and re-opens 5.08 (Support 1). A downside break there is needed to avert the upside and expose 4.72 (Support 2) ahead of 3.29 (Support 3).
Trading Indication:
Short-term: Buy at 5.55 or lower;
Target at 7.90 and higher;
Stop Loss at 5.45 (1.50%)
Long-term: Possibly sell higher
Meanwhile, failure to sustain strength above the 6.04/6.13 resistance would delay and re-opens 5.08 (Support 1). A downside break there is needed to avert the upside and expose 4.72 (Support 2) ahead of 3.29 (Support 3).
Trading Indication:
Short-term: Buy at 5.55 or lower;
Target at 7.90 and higher;
Stop Loss at 5.45 (1.50%)
Long-term: Possibly sell higher
No comments:
Post a Comment