With a beautiful uptrend channel of higher highs and higher lows, homebuilder and Real Money Stock of the Day Lennar (LEN) is near last fall's recent highs.
The Moving Average Convergence Divergence (MACD) is now turned up for a buy signal after a modest correction, and while the Relative Strength Index (RSI) is pretty well overbought there is room for the stock to go higher.
The homebuilder group has been a terrific performer recently with lower interest rates.
Resistance for Lennar lies ahead from $53-55. Notice the volume trends have been uber positive (circled).
Momentum is positive but may be stalling a bit. The gap is open from Wednesday's action coming off earnings and that will be filled eventually.
Perhaps a move downward after reaching the top of the channel is a buying opportunity.
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