The SmarTrend Trading Community

Q:Chip,

I’m in at $1.80 for HOV, where’s this baby going to go?

David

A: It looks like SmarTrend called an Uptrend on Hovnanian Enterprises on July 27 at $3.02, and shares have risen 36.75% as of today’s recent price of $4.13.  It will remain in an Uptrend until a certain threshold is crossed and our proprietary indicators detect that a downtrend has begun. If you would like to be automatically alerted when an Downtrend is detected, you can get a free trial at www.MySmarTrend.com. There you can also sign up for our free daily newsletter and check out the Community tab for more insight on technical analysis and where the market is heading.

Q: I read your article on HOV on TradingMarkets.com.  Could you elaborate a bit more on HOV.  What do you think the next few months for Hovnanian Enterprise and why?  Thanks!

A: We issued a downtrend on HOV on 6/18 @ $2.20 right after if fell below 50-day moving average support.  HOV tried to cross above its 200-day moving average resistance on 5/6 but after it failed, sellers stated to move in.  Looks like next support level is around the $1.70 (where it was around late March – early April).  So keep an eye on it falling below there.  If it can find a base and the market cooperates, then it could rally – but for now, its trying to find a support place.