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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 $136.72 and $138.70 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 (NYSE:URI) has potential upside of 40.3% based on a current price of $139.00 and analysts' consensus price target of $195.07. The stock should hit resistance at its 50-day moving average (MA) of $157.84, as well as support at its 200-day MA of $134.34.

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.

In the past 52 weeks, United Rentals share prices have been bracketed by a low of $101.90 and a high of $170.04 and closed yesterday at $139.00, 36% above that low price. The 200-day and 50-day moving averages have moved 0.15% higher and 0.53% lower over the past week, respectively.

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