PulteGroup (PHM) stock has been performing well since the start of 2023. It rebounded vertically from $35. Moreover, the quarterly earnings reports maintained a streak of profitability and positively impacted the stock, which gave a price rise to maintain an uptrend.
Furthermore, the price action showed that PHM stock formed higher highs in the past six months, stretching gains and surpassing hurdles. Also, the price is heading toward the round spot of $100, the next level to hit in the following sessions.
Recently, Raymond James re-rated the stock to outperform and revised the targets from $68 to $95, positively impacting the stock and resulting in an intraday gain of 2% in the last trading session.
The chart structure shows a rising parallel channel, with price gradually increasing trading within it. Moreover, demand for the stock is rising, and investors have made long positions in the past.
PHM stock will announce its earnings report for Q2 2023 next week. The stock has not disappointed in the past few months, so the stock’s behavior after the earnings report will be watched closely.
PulteGroup Inc. is one of the largest homebuilders in the United States, operating in 40 markets across 23 states. The company mainly builds single-family detached homes (85% of unit sales) and offers products to entry-level, move-up, and active-adult buyers.
PulteGroup offers homebuyers mortgage financing and title agency services through its financial services segment. The company is headquartered in Atlanta.
At press time, PHM stock is trading at $82.51 with an intraday gain of 2.69%, carrying massive overnight gains. Moreover, the intraday trading volume was 2.402 Million, and the market cap is $18.418 Billion.
Daily Charts Shows Buyer Dominance
On the daily charts, PHM stock has been bullish consistently over the past few months. Moreover, the stock is trading above key moving averages, giving strong signals of a bull rally on the charts.
Furthermore, PHM stock is trading at its ATH( All Time High) and persists to rise. As per the Fib extension tool, the stock has a trajectory of $88, followed by $100. The price is trading on the verge of the upper bollinger band and shows a breakout on the charts.
The RSI curve stayed near 70 in the overbought zone and formed a positive crossover which is a strong positive signal.
The MACD indicator also initiated a green bar and formed a bullish crossover indicating that a further rise toward $90 could be seen by the end of this month.
Conclusion:
PulteGroup (PHM) stock price trading in bullish territory persisted in acquiring gains over the past months. Moreover, the price goes upwards within a channel and signals a positive outlook on the charts.
Technical Levels:
Support Levels: $70 and $78
Resistance Levels:$100
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/07/15/phm-stock-price-renews-gains-after-re-rating-will-it-reach-100/