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

By Shiri Gupta

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. Yesterday's price range of $175.91 and $180.81 is within the prior day'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.

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

Potential upside of 8.8% exists for United Rentals, based on a current level of $180.57 and analysts' average consensus price target of $196.40. The stock should discover initial support at its 200-day moving average (MA) of $64.37 and subsequent support at its 50-day MA of $60.66.

In the past 52 weeks, shares of United Rentals have traded between a low of $61.78 and a high of $190.74 and closed yesterday at $180.57, which is 192% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 1.8%.

SmarTrend is tracking the current trend status for United Rentals and will alert subscribers who have URI in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle united rentals

Ticker(s): URI