Homebuilder PulteGroup (PHM) remains in the Green Favored Zone of the SIA S&P 500 Index Report again having moved up 2 spots Friday to 42nd place.
Climbing up off of two successful tests of its 50-day average, PulteGroup is challenging resistance at the top of its current $32.50 to $37.50 trading range. A breakout would complete a bullish Ascending Triangle and signal the start of a new advance with next potential upside resistance on trend near a measured $42.50 then the previous high near $47.00 and the $50.00 round number. Initial support appears between the $35.00 round number and the 200-day average near $35.50.
PulteGroup (PHM) staged a major breakout last week clearing $36.90 to complete a bullish Quadruple Top pattern, completing a consolidation phase and signaling the start of a new advance. Next potential upside resistance appears in the $46.80 to $48.70 zone where a previous high and multiple vertical and horizontal counts converge. Initial support appears near $34.10 based on a 3-box reversal.
With a bullish SMAX increasing to 8, PHM is exhibiting near-term strength against the asset classes.
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