James Hardie Industries $JHX Downgrade at RBC Capital, Bear Watch

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James Hardie Industries $JHX stock is on Bear Watch as a major support level was taken out on a downgrade by RBC Capital.

$JHX Stock Technical Analysis

James Hardie $JHX stock is in a technical strong downtrend. It broke rectangle support on November 8, 2022! The MACD is giving a sell signal and the money flow is falling further below zero.

JHX stock chart on November 8, 2022, with rectangle support broken chart pattern, and a sell signal on the MACD with a negative money flow.

Things get even more bearish if we chart the 2-hour time frame over the last 20 days. The momentum has broken hard to the downside, with the money flow collapsing.

JHX stock chart on November 8, 2022, in the 2-hour time frame, over the last 20 days.

The downgrade by RBC Capital hit this stock head-on like a freight-train collision.

James Hardie downgraded at RBC Capital

On November 8, 2022, RBC Capital Markets analyst Paul Quinn lowered his rating on James Hardie to Sector Perform from Outperform with a price target of A$34. The company’s fiscal Q2 adjusted earnings before interest and taxes were below expectations. Quinn tells investors in a research note that this is surprising, as it has been less than two months since the company had its investor day. The decline in North American home buying is affecting James Hardie more than expected and its growth is slowing compared to competitors, says the analyst.

We’ll continue to see double-digit declines in home sales, says KPMG’s Swonk

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