Boston, MA 07\/18\/2013 (wallstreetpr) –\u00a0Despite recent gains presented by shares of PulteGroup, Inc. (NYSE:PHM), it is predicted that this home builders\u2019 stock would drop sharply in the near future as presented by the technical charts. There had been a drop in the interest rates for loans last week which had in turn resulted in optimism for the home building stocks. However, it had been observed from the technical analysis that most of these stocks including PHM are forming a typical head and shoulders pattern, with the upward trend broken by April 2013.<\/p>\n
Further the recent gain in share prices of PHM owing to the fall in interest rates had moved the stock to levels greater than the resistance point which clearly indicates that there would be steep decline in the near future. This is further ascertained by the recent sell signals that are being indicated by the PHLX Housing sector index. The HGX index which had touched the peaks in May 2013, retracing the 61.8% hike in the Fibonacci had crossed the resistance level at crucial points. The index came crashing down later and by June 2013 the index had lost almost 20%. All such signals indicate that the home building stock, PHM would fall down steeply in the near future.<\/p>\n
There had been a gain of 1.09% in the shares of PulteGroup, Inc., which closed at $19.49 per share on Wednesday. The stock had presented intraday fluctuations on the range of $18.98 to $19.79 per share, after opening at $19.27 for the day. The company had recorded 52 week low at $9.95 and 52 week high at $24.47 per share. There are 387.51 million shares outstanding with a market cap of $7.55 billion and an institutional ownership of 81% of the total capital. The trading volume on Wednesday was 7.29 million shares and the average volume is at 9.93 million shares per day.<\/p>\n","protected":false},"excerpt":{"rendered":"
Boston, MA 07\/18\/2013 (wallstreetpr) –\u00a0Despite recent gains presented by shares of PulteGroup, Inc. (NYSE:PHM), it is predicted that this home builders\u2019 stock would drop sharply […]<\/p>\n","protected":false},"author":9,"featured_media":8665,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[2236],"tags":[2733,2911],"stock_ticker":[],"class_list":["post-8664","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-nysephm","tag-pultegroup-inc-nysephm","entry"],"acf":[],"yoast_head":"\n