Toll Brothers Ready For Some Upside?
New York, December 8th (TradersHuddle.com) –Shares of Toll Brothers (NYSE: TOL) fell 2.58% to $20.39, with price action in the session forming what is considered what can be considered a reversal pattern in the form of a Tweezer Bottom, which is a candlestick pattern that is usually formed at the end of a downtrend.
Toll Brothers, Inc. (NYSE: TOL) engages in designing, building, marketing, and arranging finance for single-family detached and attached homes in luxury residential communities. The luxury homebuilder serves move-up, empty nester, active-adult, and second-home buyers in 21 states in the United States.
Traders are always looking for Tweezer Bottoms as they give an entry with a small-defined risk; they are a leading indicator that provides an alert for a trend reversal or stabilization. The tweezers imply that bears or sellers were not able to push the stock lower, therefore providing the opportunity to look for a bounce.
Below a Tweezer Bottom Illustration:
TradersHuddle has calculated support for TOL at $18.22 and resistance at $21.44, levels that can also be used to plan trades.
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