United Rentals (URI): Stock is overbought and due for pullback
I am bullish on United Rentals (URI) for the long-term looking 3 to 5 years ahead.
The company has great fundamentals and is holding up well in this environment where we could see a recession in the U.S. in 2023.
URI just reported a positive Q4 earnings with a strong outlook.
The technicals show an overbought condition on the 1 day chart.
So, I am anticipating a decline in the stock which could be triggered by the Fed meeting on 1/31 & 2/1 depending on actions taken and what is said about future rate increases.
Action: wait for a decline, then buy
The link contains an article with a detailed discussion.
The company has great fundamentals and is holding up well in this environment where we could see a recession in the U.S. in 2023.
URI just reported a positive Q4 earnings with a strong outlook.
The technicals show an overbought condition on the 1 day chart.
So, I am anticipating a decline in the stock which could be triggered by the Fed meeting on 1/31 & 2/1 depending on actions taken and what is said about future rate increases.
Action: wait for a decline, then buy
The link contains an article with a detailed discussion.