REIT’s Consolidation Supported by 3 Buy Signals

Home Properties has been in a bull market since March 2009 despite a tough real estate market

   
REIT’s Consolidation Supported by 3 Buy Signals

Home Properties (NYSE:HME) — This real estate investment trust (REIT) engages in the ownership, operation, acquisition, development and rehabilitation of apartment communities in the United States. The stock has been in a bull market since March 2009, progressing higher despite a ragged real estate market.

Currently, the stock is consolidating in a bull channel and is supported by three buy signals from our proprietary indicator, the Collins-Bollinger-Reversal (CBR). The recent consolidation is at $63. If that price is broken, look for support at the 200-day moving average at just above $60. 

S&P and Wunderlich Securities reiterated their “buy” ratings on HME with a price target of $69 and $70, respectively. Technically the stock is trading on the support line of the bull channel with a target of $69, the top of the channel. HME has a dividend yield of 4%. 

09 20 12 hme 300x205 REIT's Consolidation Supported by 3 Buy Signals
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chart key 300x84 REIT's Consolidation Supported by 3 Buy Signals


Article printed from InvestorPlace Media, http://investorplace.com/2012/09/trade-of-the-day-home-properties-nyse-hme/.

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