Toll Brothers' $TOLL earnings report beat expectations across the board and even improved guidance. Here's a report from CNBC: The company now expects full-year revenue of between $6.76 billion and $7.22 billion, compared with an earlier range of between $6.64 billion and $7.31 billion. The average price of a Toll Brothers home rose to $851,900 in the third quarter ended July 31, from $791,400 a year earlier. Pennsylvania-based Toll booked orders for 2,316 homes in the quarter, up 7.1 percent year-over-year, while selling 2,246 homes, 347 more than a year earlier. Net income rose to $193.3 million or $1.26 per share from $148.6 million or 87 cents per share a year earlier. Revenue jumped 27.3 percent to $1.91 billion. Analysts on average had expected earnings of $1.03 per share and revenue of $1.81 billion, according to Thomson Reuters. (CNBC) Price surged in after-hour trading, and continued higher during the 8/21 session. TOL Daily Chart (click to enlarge) Bullish Target/Resistance: - We can expect some more upside after the most recent earnings event. - However, because the market has been in correction mode since the start of the year, we still have to respect this bearish dynamic. - It might be overly aggressive to assess the market as bullish after today's bullish reaction. - First of all, if price pulls back, we should look fro support around $37. A hold above would improve the bullish reversal scenario. - Still, we might want to limit the bullish upside to the $43-$44 area. - Here resides the 200-day simple moving average (SMA), as well as a key support/resistance pivot area.