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Bearish Moving Average Cross by MDC Holdings (MDC)

Published on Tue, 03/12/2013 - 11:14
By Peter Chu

Today, shares of MDC Holdings (NYSE:MDC) have crossed bearishly below their 10-day moving average of $39.32 on a volume of 227K shares. This may provide short-term investors a chance for a short position, as such a crossover often suggests lower prices in the near term.

M.D.C. Holdings, Inc., through its subsidiaries, builds and sells homes under the name Richmond American Homes. The Company also originates mortgage loans primarily for its home buyers. M.D.C. builds its single-family homes in Colorado, Virginia, Maryland, Northern and Southern California, Arizona, and Nevada.

In the past 52 weeks, MDC Holdings share prices have been bracketed by a low of $23.44 and a high of $42.41 and are now at $38.92, 66% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.6% while the 50-day MA has advanced 0.6%.

Based on a current price of $38.92, MDC Holdings is currently 7.3% above its average consensus analyst price target of $36.08. The stock should discover initial support at its 50-day moving average (MA) of $38.83 and subsequent support at its 200-day MA of $35.29.

By Peter Chu