Our ALGO engine triggered a sell signal for JHX on December 27th at 22.40
It took several sessions for this trade to develop as the share price traded up to 22.80 on January 9th.
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However, JHX shares have dropped over 6% this week and posted a low of $21.32 in early trade today.
A sharp drop in US Housing starts overnight has added to the potential downside pressure on the share price.
Single family housing starts declined by 8.2% in December to 1.19 million units. This is the largest monthly decline in 2 years and could further soften the JHX share price.
We see the next level of support at $21.00 followed by the mid-November low of $20.55.
JHX shares are traded as a CFD contract on our SAXO Go trading platform.
Call us now for more information about JHX and other names available to trade on our SAXO Go Platform.
James Hardie
