Pulte Group Inc. (NYSE: PHM) PHM stock is inside the falling parallel channel and is likely to escape the 20 day EMA. This week, PHM stock posted the Q3 earnings results to which the stock reacted positively. Revenue fell by 1.25% (QoQ) to $4.00 Billion, net income increased by 1.98% to $636.57 Million. However, the bulls held the gains and are trying to escape the 20 day EMA near $73.
PHM stock price is showcasing neutrality and bounced from the 200 day EMA in the past trading sessions. Moreover, the correction ended and fresh buying interest was witnessed on the charts. As per the options chain, at the strike price of $72, open interest of 281 hundred shares on the call side, whereas open interest of 193 hundred shares on the put side.
At press time, PHM stock price was $72.34 with an intraday gain of 1.86% showing neutrality on the charts. Moreover, the trading volume increased by 0.24% to 2.78 Million, market cap is $15.596 Billion. Furthermore, analysts have maintained a buy rating with a yearly target price of $93.18.
PulteGroup, Inc. engages in the homebuilding business. The firm is also involved in mortgage banking and title and insurance brokerage operations. It operates through the Homebuilding and Financial services business segments. The Homebuilding segment includes operations from Connecticut, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, Virginia, Georgia, North Carolina, South Carolina, Tennessee, Florida, Illinois, Indiana, Kentucky, Michigan, Minnesota, Missouri, Ohio, Texas, Arizona, California, Nevada, New Mexico, and Washington.
Will PHM Stock Escape 20 Day EMA Barrier?
On the daily charts, PHM stock price is trading inside the falling parallel channel and is forming the lower lows for the past sessions. Moreover, the PHM stock price is below the significant moving averages and is trying to surpass the 20 day EMA. However, the PHM share price has taken support on the 200 day EMA, near the 38.2% Fibonacci retracement zone and showed a pullback in the past sessions.
The RSI curve stayed near neutrality and showed a bearish divergence indicating the volatile chart structure.
The MACD indicator showed a bullish crossover and formed green bars on the histogram suggesting a positive outlook for the next sessions.
Summary
Pulte Group Inc. (PHM stock) price is trying to escape the 20 day EMA barrier to recover till $75. Conversely, if it fails to surpass the 20 day EMA, it will retest the lows near $65.
Technical Levels
Support Levels: $70 and $63
Resistance Levels: $75 and $80
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/10/27/pulte-group-nyse-phm-gaining-strength-will-phm-escape-50/