Lennar (NYSE:LEN) crossed over its 10-day moving average of $51.31 on a volume of 751K shares. This may provide swing traders with an opportunity for a long position, as such a crossover often suggests higher prices in the near term.
Lennar (NYSE:LEN) is currently priced 1.6% above its average consensus analyst price target of $50.87. The stock should find initial support at its 50-day moving average (MA) of $49.71 and further support at its 200-day MA of $43.72.
Lennar Corporation constructs and sells single-family attached and detached homes, and to a lesser extent multi-level buildings as well as as buys and sells residential land. The Company also provides mortgage financing, title insurance, closing services and other ancillary services (including personal lines insurance, high-speed Internet and cable television).
In the past 52 weeks, Lennar share prices have been bracketed by a low of $35.74 and a high of $53.67 and are now at $51.67, 45% above that low price. The 200-day and 50-day moving averages have moved 0.32% higher and 0.65% higher over the past week, respectively.