Despite all the talk about a recession in 2023, many cyclical industrial companies have gained traction lately -- including United Rentals.
The first item on today’s chart is the $365 area where URI peaked in late March. Prices pushed against that level several times since mid-November while making higher lows. The result has been an ascending triangle. The stock broke out of that potentially bullish continuation pattern last week.
Next, the 50-day simple moving average (SMA) rose above the 200-day SMA in late November as the triangle formed. That kind of “golden cross” may suggest the longer-term trend is turning positive again.
Third, the 8-day exponential moving average (EMA) has remained above the 21-day EMA throughout the consolidation period. Such tight price action could indicate buyers exceed sellers.
Finally, MACD has just turned positive.
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This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: www.tradestation.com/important-information.
The first item on today’s chart is the $365 area where URI peaked in late March. Prices pushed against that level several times since mid-November while making higher lows. The result has been an ascending triangle. The stock broke out of that potentially bullish continuation pattern last week.
Next, the 50-day simple moving average (SMA) rose above the 200-day SMA in late November as the triangle formed. That kind of “golden cross” may suggest the longer-term trend is turning positive again.
Third, the 8-day exponential moving average (EMA) has remained above the 21-day EMA throughout the consolidation period. Such tight price action could indicate buyers exceed sellers.
Finally, MACD has just turned positive.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: www.tradestation.com/important-information.
