Pulte Group (PHM) – Downgrades Provides Buying Opportunity – Nov 6th, 2019
S&P 500 Market Outlook: Bullish
Bullish Trade: PHM $38.28 – Consumer Discretionary
The bullish DailyPlay we chose for Wednesday, Nov 6th is Pulte Group (PHM). PHM is part of the Consumer Discretionary Sector (XLY). XLY has rallied 2.69% higher over the past month and its 1m and 6m trend turned bullish on Oct 11th while breaking above its $120 resistance level.
Pulte Group’s 1m and 6m trend turned neutral and bullish on Nov 4th and recently bounced higher off its $38 support level. With a technical score of 9 (out of 10), PHM is a strong stock that will likely continue higher.
As a stop loss, if PHM was to trade below $38 for multiple days, this would invalidate our analysis and suggest cutting losses on the trade.
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