United Rentals Has Pulled BackUnited Rentals has trended higher since October, and some traders may see opportunities in its current pullback.
The first pattern on today’s chart is the rally to new highs on January 25 after earnings beat expectations. The industrial stock has held that move without a significant retracement, which may suggest that buyers outnumber sellers.
Second is the falling trendline since March 4. URI is now challenging that short-term resistance.
Third is the series of higher weekly lows since the beginning of February.
Next, prices have pulled back to hold the 21-day exponential moving average (EMA). The 8-day EMA is also above the 21-day EMA. Those patterns may reflect an uptrend.
Finally, the February 12 close of $663.53 was resistance through the end of the following week. URI has pulled back to form a hammer candlestick at the same level. Has old resistance become new support?
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