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M/I Homes Bullish Moving Average Crossover Alert (MHO)

Published on Tue, 04/23/2013 - 11:26
By Peter Chu

Today, shares of M/I Homes (NYSE:MHO) have advanced above their 10-day MA of $21.82 on a volume of 306K 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.

M/I Homes, Inc. builds single-family homes that are marketed and sold under the M/I Homes and Showcase Homes trade names. M/I Homes has homebuilding operations in Ohio, Indiana, Florida, North Carolina, Virginia, and Maryland.

There is potential upside of 23.6% for shares of M/I Homes based on a current price of $22.66 and an average consensus analyst price target of $28.00. The stock should find resistance at its 50-day moving average (MA) of $23.56, as well as support at its 200-day MA of $22.09.

M/I Homes share prices have moved between a 52-week high of $29.07 and a 52-week low of $11.25 and are now trading 101% above that low price at $22.66 per share. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has declined 0.6%.

By Peter Chu
pchu@fnno.com