The stock of homebuilder TOL – Toll Brothers Inc, has been trading in a channel for about five weeks now. It lost support at the 50 day moving average today. My guess is that this is a fake move to pick up shares. I bought some at 30.36 along with XHB at 35.42, the Homebuilders SPDR.
Stop loss points are currently below the day’s lows for TOL and XHB. I’m expecting a bounce and will risk holding it overnight.
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