UDR breaks below previous session low

UDR Inc (UDR) Technical Analysis Report for Jul 13, 2018

Highlights

UDR breaks key support level
UDR closes below its opening price unable to hold early session gains
UDR ends the day on a bearish note closing near the low of the day
UDR runs into sellers again around 37.80
UDR breaks below previous session low

TQ Sentiment

Report Sentiment:
75% Bearish
Technical Forecast:
TQ Pro Only
See the overall Technical Analysis forecast for today.

Overview

UDR finished the week -0.93% lower at 37.40 after losing $0.22 (-0.58%) today on low volume. Trading $0.16 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Thursday's low at 37.42, the share confirms its breakout through the previous session's low having traded $0.09 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for UDR

Volatility

Friday's trading range was $0.47 (1.25%), that's slightly below last trading month's daily average range of $0.48. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.

Price Action

In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bearish Outside Bar.

Support/Resistance

Breaking below the key support level at 37.54 today, it is now likely to act as resistance going forward. After having been unable to move above 37.75 in the prior session, the stock ran into sellers again around the same price level today, failing to move higher than 37.80.

Trend

While UDR Inc is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive.

Order Flow

Buying might speed up should prices move above the nearby swing high at 37.87 where further buy stops could get triggered. Selling might accelerate should prices move below the close-by swing low at 36.99 where further sell stops could get activated. As prices are trading close to July's low at 36.82, downside momentum might speed up should UDR mark new lows for the month.

Conclusion

While classical technical analysis indicates a bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for UDR Inc

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UDR breaks key support level

Sep 24, 2018
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