Since trading as high as $23.20 on May 2nd, shares of JHX have dropped over 14% and are now trading below $19.80.
We posted a report on the blog on May 19th pointing out that JHX reported FY17 results which were below market expectations.
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Overnight, US New Home Sales fell to 569,000, well short of the consensus expectation of 610,000. As new home construction continues to slide, we sell further downside range extension for JHX.
The new key support level comes in near the February low of $18.20.
James Hardie
