The $8.50 price level is an obvious resistance level for TOL. The main reason is that when the stock opened on 14 April 2008 it was a huge gap (down) in price and $8.50 was the highest point on that day. On the same reason the next resistance level if the stock "clears" $8.50 will be ~$9.00.
You probably saw today how the price rebounded several times from $8.50.
It is a little bit strange for me that the volume owned by the shorters on the stock has increased for the past several days and it is now almost reaching 19mln.
I would expect that the stock will move up definitly (there are a number of reasons for this) but after consolidation for a couple of days. So I think tomorrow the closing price will not break the $8.50 level.
Hope this helps.
TOL Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
