We last reviewed the charts of LEN on July 9 and wrote that "The charts and indicators of LEN are bullish and with the charts of other home builders strong, I feel good in recommending the long side of LEN at current levels and above $66. Risk a close below $60 and target the $79 area on the upside."
Let's check on the charts and indicators again.
In this daily bar chart of LEN, below, we can see that prices continued to rally after our July review and reached our $79 target area by late August. Prices pulled back to successfully retest the rising 50-day moving average line. The 200-day moving average line remains bullish with a positive slope.
The On-Balance-Volume (OBV) line has been steady since early July.
The Moving Average Convergence Divergence (MACD) oscillator made a lower high in August versus June even though prices made a higher high. This is a bearish divergence but it may not affect prices all that much.