Lennar rises alongside downward correctional trend line - Analysis - 22-06-2022

Lennar Corporation's stock (LEN) rose in the intraday levels as it recoups some recent losses, and vents off oversold saturation in the RSI, amid the dominance of the downward correctional trend in the short term, with negative pressure from the 50-day SMA, marking a profit of 1.58% in the last session, or 1.02 points, settling at 65.65, with trading volumes surpassing 5.6 million shares, above 10-day averages of 3.5 million shares. 

The gains came after the home construction company reported forecast-beating results for the second quarter, however it expected slower demand on new homes after Fed's rate hike. 

Therefore we expect the stock to return lower, targeting the support of 57.54, provided the resistance of 71.38 holds on.

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Expected trend for today: Bearish