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Bullish Moving Average Cross by Lennar (LEN)

Published on Tue, 04/23/2013 - 11:17
By Peter Chu

Today, shares of Lennar (NYSE:LEN) have advanced above their 10-day MA of $38.90 on a volume of 4.5 million 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 has overhead space with shares priced $41.00, or 2.0% below the average consensus analyst price target of $41.83. The stock should discover initial support at its 50-day moving average (MA) of $40.03 and subsequent support at its 200-day MA of $37.02.

Lennar share prices have moved between a 52-week high of $43.90 and a 52-week low of $23.48 and are now trading 75% above that low price at $41.00 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.4% while the 200-day MA has risen 0.3%.

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).

By Peter Chu
pchu@fnno.com