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Possible Bullish Inside Day Candle Pattern Detected for United Rentals (NYSE:URI)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in United Rentals (NYSE:URI) based on the price action in the company's shares. Today's price range of $62.72 and $64.08 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of United Rentals may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, United Rentals has traded in a range of $41.90 to $105.83 and is now at $63.05, 50% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.8% while the 200-day MA has slid 0.5%.

United Rentals, Inc., through its subsidiary, is an equipment rental company operating a network of locations in the United States, Canada, and Mexico. The Company serves the construction industry, industrial and commercial concerns, homeowners, and other individuals.

Potential upside of 33.4% exists for United Rentals, based on a current level of $63.05 and analysts' average consensus price target of $84.13. The stock should hit resistance at its 200-day moving average (MA) of $64.37, as well as support at its 50-day MA of $60.66.

SmarTrend is monitoring the recent change of momentum in United Rentals. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of United Rentals in search of a potential trend change.

Keywords: bullish inside day candle united rentals

Ticker(s): URI