Homebuilders have struggled lately as interest rates rose, but the longer-term prospects remain favorable. Today’s chart considers the pullback in DR Horton, the biggest name in the space.
DHI hit a new all-time high of $84.41 on February 11 and pulled back. It’s now bouncing, which may create opportunities for buyers.
Notice the high basing pattern between about $65 and $80. This consolidation was important because it established new support above the previous high from February 2020.
For more, please click here to view the related idea and chart analysis on TradingView.
