Leadup
This morning's gap comes at the one week before the earnings mark. For five of the last six earnings reports, the close on earnings day has been higher than the close one week before.
Price Action
URBN recently completed a trading range and broke down for an almost 20% loss. After rallying 100% from this downward breakout, URBN did a brief bit of consolidation before this morning's gap.
Indicators
There was no accompanying rise in volume with this gap.
DI is showing bullish, and ADX is above 30, the same as three of the five positive week leadups.
RSI is in overbought territory on the daily chart but shows room to go up on the weekly chart.
This morning's gap comes at the one week before the earnings mark. For five of the last six earnings reports, the close on earnings day has been higher than the close one week before.
Price Action
URBN recently completed a trading range and broke down for an almost 20% loss. After rallying 100% from this downward breakout, URBN did a brief bit of consolidation before this morning's gap.
Indicators
There was no accompanying rise in volume with this gap.
DI is showing bullish, and ADX is above 30, the same as three of the five positive week leadups.
RSI is in overbought territory on the daily chart but shows room to go up on the weekly chart.
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ronaldryninger.substack.com
ronaldryninger.substack.com