Our ALGO engine originally triggered a sell signal for JHX on November 22nd at $21.50.
The chart below shows that an additional sell signal was generated at Friday’s close at $22.40.
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JHX has been grinding higher, on lower volume, with support from unexpectedly strong housing data out of the USA.
Over the last week, the US new home sales, building permits and existing home sales have all printed higher than consensus forecasts.
From a technical perspective, JHX is still following a “lower high” pattern based on the May 2nd high trade at $23.20.
With a current P/E of 30.00, the stock is on the expensive side of its industry peers and due for a material correction lower.
James Hardie
