HOV has broken the uptrend after JPM has assigned Hovnanian stock a price target of just $1.60. I'm expecting more downside for this one.
This evening the FED will announce a rate hake... Is this good for the real estate market? I think NOT....
Hovnanian has made a bottom-turn and upward calculations can be made...
After a prolonged bear HOV has formed a stable base from which it can launch to the targets of 2, and then, 2.5. Monthly RSI is at 12 months high.
After finding support from the long term uptrend, look for a breakout to $1.95 - $2.04. Prices could then retest trend before legging up again. Notice how a breakout to $1.95, would set a 1.618 extension at $2.42, which also happens to be the last high.
After finding support from the long term uptrend, look for a breakout to $1.95 - $2.04. Prices could then retest trend before legging up again. Notice how a breakout to $1.95, would set a 1.618 extension at $2.42, which also happens to be the last high.
The upside move is not over yet. This Bullish continuation breakout has some energy left to use. Good to hold a few months and make your stop loss at recent swing low