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Homebuilder Forms High Tight Bullish Flag Setup

by | Feb 15, 2024

Pulte Homes (PHM) shares are coiling in a high tight bull flag in a narrow monthly value area between 102-107 and bounced off the rising 55-day MA this week before closing back above its 8 EMA and now looks primed to retest the 110 highs from the earnings day two weeks ago. Homebuilders continue to show great relative strength and have barely pulled back recently. PHM last week saw a large buyer of 1000 March 22nd $105/$110 call spreads positioning for a breakout. A close back under the 102 level would be a simple stop level here. PHM also announced on its earnings last month a new $1.5B share buyback.

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