United Rentals stock (URI) stayed over the top, continued to defend its lower trendline, and stayed in a rising uptrend. The chart structure showed a rounding bottom formation, and the price is near the immediate hurdle of $450, which bulls are willing to catch in the following sessions.
However, the price action shows that URI stock made a recent top of $484, retraced towards its 38.2% Fib level, and again pulled and bounced back, showing their intent to retain the highs. This corrective move formed a higher low, and the stock will now begin at a higher high, which investors are ready to watch.
Furthermore, the stock surged by over 30% in just 20 trading sessions after retesting its strong support of $320 last month. Afterwards, buyers flexed their muscles, which led to a one-way recovery.
United Rentals Inc. is a holding company engaged in the equipment rental business. The Company rents equipment to a varied customer base that includes construction and industrial companies, manufacturers, utilities, municipalities, homeowners, and government entities in the United States, Canada, and Europe. The Company’s segments include general rentals and trench, power and fluid solutions.
At press time, URI stock was trading at $445.37 with an intraday gain of 2.47% showing bullishness in the past trading sessions. Moreover, the intraday trading volume increased by 1.78% to 782.934K. The market cap of URI stock is $30.611 Billion.
Is URI Stock Still in a Buying Range?
On the daily charts, URI stock showed a rounding bottom pattern, while the corrective phase from the supply zone led to a recovery from the demand zone of $330. Afterwards, the stock flipped the trend and went to attain higher swings. This way, the stock ended the correctional phase, retained the bullish territory again, and initiated gains.
What Technical Indicators Say?
On the 4-hour charts, URI stock bounced from the $400 mark, and leading indicators suggest a near-term bullishness if the price sustains above $450 in the following sessions.
The RSI curve showed a massive spike near 75, showing massive bullishness, and showing positive divergence. Moreover, the curve suggests a positive stock outlook and an upcoming breakout.
The MACD indicator continues to form green bars. A bullish crossover was noted on the charts.
Conclusion:
URI stock price is near its immediate hurdle of $450 and ready for an upcoming battle. Investors are keeping an eye on the stock for a decisive move.
Technical Levels:
Support Levels: $420
Resistance Levels: $460 and $480
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/07/02/will-united-rentals-stock-price-leap-beyond-450-nyse-uri/