D.R. Horton slips, longer term picture may be more bullish The shares are down 1.3% to $24.07 in light volume trading. On a technical basis the shares may be in a weaker position short-term than long-term. On the daily chart shares are just a fraction above the 10-day moving average. A break below the 10-day would be a short-term sell signal. On a longer-term basis, pulling out to a 2-year view, the chart has a potential bullish cup and handle pattern in development. The line for the top of the cup and handle is at the $25 level, so that a breakout above the 52-week high at $25.06 would trigger the pattern. Upside potential in the event that the pattern triggers and completes is to the $31 area as a first objective. The pattern could of course disappear as a viable candidate through time as well as price. If it is to trigger it would need to do so within the next week and would need to stay above $23 prior to any move up. A move below $23 to $22.50 would void the pattern.
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