Property firm 8990 Holdings Inc. (stock symbol: HOUSE) has received a boost since late-May, which now looks like a short-term affair. Will the house continue to crumble?
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From the 6.50’s, HOUSE’s climb fizzled out ahead of 9.00. 8.00 rejected selling at the first instance, but once it cracked, price went pretty much downhill from then.
7.00 is a very critical line in the sand for HOUSE. If this 6.50-7.00 breaks, more buyers will remain stuck in this stock or worse, lose more as they exit.
The Relative Strength Index (RSI) lays flat below the 50 level.
TP’s Advice: Be careful, avoid this stock. HOUSE remains in a consolidation despite the recent “upmove.”
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Blogs: Industrial index stocks