• Return to Headlines

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

By James Quinn

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 $109.01 and $113.16 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.

There is potential upside of 75.2% for shares of United Rentals based on a current price of $111.33 and an average consensus analyst price target of $195.07. The stock should run into initial resistance at its 50-day moving average (MA) of $152.88 and subsequent resistance at its 200-day MA of $162.63.

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.

Over the past year, United Rentals has traded in a range of $106.73 to $190.74 and closed yesterday at $111.33, 4% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has declined 1.9%.

SmarTrend recommended that its subscribers protect gains by selling shares of United Rentals on October 5th, 2018 by issuing a Downtrend alert when the shares were trading at $160.53. Since that call, shares of United Rentals have fallen 33.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle united rentals

Ticker(s): URI