Chart of the Day: United Rentals Is on the Move
The stock is pushing right up against all-time highs once again.
You've reached your free article limit
You've read 0 of 1 free Pro articles.
Just a very steady and upward move in United Rentals URI over the past six weeks, the recent corrective period is finished and now we look for higher levels.
In the top pane notice the candles colors have been changing, on 5/15 United's candle switched to blue, or a strong bullish indication on the GoNoGo composite of indicators.
We like the progression from purple, to pink, to teal and then blue, the stock showing good relative strength (pane 3) as it makes a move on the all-time highs from March.
The secondary indicators have been moving right along with the price chart, and that sets up a nice continuation move. We see a couple of indicators that reflect an overbought reading, but others like the Chaikin money flow (bottom pane) are just getting started.
The parabolic SAR (stop and reverse) in the top pane just turned bullish three sessions ago, and that means all of the indicators we look at are in alignment. Bullish for us and shareholders! If we can see URI push above those March highs, the next objective would be $800.
We rate United Rentals a Two in TheStreet Pro portfolio, which means stockpile on pullbacks.
More Pro Portfolio
- We're Adding to 3 Positions After the CPI and Retail Sales Reports
- Weekly Roundup: An Upward Drift Amid a Light Slate of Data
- Signals From Our Investing Notebook
At the time of publication, TheStreet Pro Portfolio was long URI.
