Asset Watch
Thursday, June 23, 2022
When Lennar’s daily RSI drops below 30, short-term rallies tend to follow. That said, at the end of the Jun. 21 session, Lennar finished at $65.65, which is near support from the May and June 2020 highs and the early February 2020 lows.
A backtest of the breakdown below $70.71 could materialise if sentiment shifts in Lennar’s favour. For context, the level coincides with the May 2022 lows, the January 2021 lows, the October, November and December 2020 lows, and the February 2020 highs. While it’s a key level of resistance, it also represents a 7.7% upside from the Jun. 21 close.
So will Lennar build on the momentum of Q2, or is its foundation on shaky ground?