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 MACDThe MACD indicator is essentially a momentum indicator that shows the relationship between two different moving averages of price. The MACD is the difference between the 12-period ... is giving a sell signal and the money flow is falling further below zero.
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.
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.