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Hovnanian Enterprises(HOV - Get Report) designs, constructs, markets and sells single-family detached homes, attached townhomes and condominiums, mid-rise and high-rise condominiums, urban infill and active adult homes in planned residential developments.This stock is trading up 9.3% to $4.14 in recent trading.
Today's Range: $3.84-$4.19
52-Week Range: $1.20-$4.03
Volume: 10.1 million
Three-Month Average Volume: 5.1 million
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From a technical perspective, HOV is ripping higher here with monster volume. This move has started to push HOV into breakout territory, since its trending above some near-term overhead resistance levels at $3.96 to $4.03.
Traders should now look for long-biased trades in HOV as long as its trending above today's low of $3.84 with strong upside volume flows. I would consider any upside volume day that registers near or above 5.1 million shares as bullish. If HOV can maintain that trend, and especially its trend above those breakout levels, then this stock will setup to re-test or possibly take out its next major overhead resistance levels at $5 to $6.