Lennar Corp - (LEN) - January 11, 2023
Homebuilder Lennar Corp. (LEN) has been working its way back up the rankings in the SIA S&P 500 Index Report since April from deep in the red zone and returning to the Green Favored Zone for the first time in a year. Up 100 positions in the last month, Lennar climbed 2 spots yesterday to 95th place.
A major breakout is underway in Lennar Corp (LEN) shares. Between May and December of 2022, Lennar shares completed a major turnaround forming a bullish Head and Shoulders base and snapping out of a downtrend. Last month, the shares broke through their $90.00 neckline, a key technical level for the stock which has reversed polarity between support and resistance several times and has recently emerged as new support.
A measured move from the base suggests potential resistance near $117.50 which is near the shares January 2022 peak near $115.50. Along the way potential resistance tests appear near the $100.00 round number and previous resistance near $108.00.
Last summer, a selloff in Lennar Corp. (LEN) shares was contained by a long-term uptrend support line. Since then, the shares have been under renewed accumulation signaled by a series of positive pattern breakouts including Double Tops, Spread Double Tops and the current Spread Triple Top. The current rally has extended into a bullish High Pole and is approaching the $100.00 round number.
Based on previous column highs, potential upside resistance tests appear near $107.60 and $116.45 on trend. Initial support appears near $88.25 based on a 3-box reversal.
With a perfect SMAX score of 10, LEN is exhibiting strength across the asset classes.
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