Citigroup raised their price target on Toll Brothers stock (TOL) from $34 to $38 while maintaining a neutral rating on Wednesday.
Toll Brothers stock price rallied 6.8% on the trading day and closed at $36.69.
Let’s review our weekly cycle analysis.
Toll Brothers (TOL) Weekly Chart
At askSlim we use technical analysis to evaluate price charts of stocks, futures, and ETF’s. We use a combination of cycle, trend and momentum chart studies, on multiple timeframes, to present a “sum of the evidence” directional outlook in time and price.
askSlim Technical Briefing:
The weekly cycle analysis suggests that TOL is in a very bullish pattern. The stock is due to form an intermediate-term low in August. Weekly momentum is positive.
On the upside, there is an intermediate-term Fibonacci resistance at 41.60.
On the downside, there is an intermediate-term support at 32.01 followed by a zone of support from 28.43 – 25.54. For the bears to take control of the intermediate-term, we would need to see a close below 22.65.
askSlim Sum of the Evidence:
TOL has a very bullish cycle configuration with positive momentum. The analysis suggests to look for a minor pullback to the intermediate-term supports beginning at 32 in the next few weeks.
We believe this pullback will likely set up another wave on the upside in September and October of this year.
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