Pulte Homes (PHM) is hitting resistance from broken support and the 62% retracement around 11.8. The stock hit this resistance zone twice in February and formed a lower high in March. Also notice that PHM is underperforming the S&P 500 over the last few weeks.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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