Matt_Feda

$URI - Short - Near Term Short on Overbought Cond., Fib Resist.

NYSE:URI   UNITED RENTALS INC
171 0 1
After falling over 50%, we've seen a 50% rally in URI             off the low. The struggle to break above the 200 week SMA indicates some resistance in an already overbought situation. Additionally, the indecision signaled by the candlestick charts indicates that we may see some selling pressure in the near term without any major catalyst to spur shares higher. I'm currently looking for a pullback to the $75 dollar area, where should we catch support, would be looked upon as a buying opportunity, while if it fails to hold, we could be looking at shares retreating to the ~$61 level (Note those long candles around this level, signifying support)
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