URI pushes through Monday's high
United Rentals Inc. (URI) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, URI finished the month 7.31% higher at 149.04 after gaining $1.32 (0.89%) today on low volume, underperforming the S&P 500 (1.54%). Closing above Monday's high at 148.36, the stock confirmed its breakout through the previous session high after trading up to $1.36 above it intraday.
Daily Candlestick Chart (URI as at Jun 30, 2020):
Tuesday's trading range has been $3.40 (2.31%), that's far below the last trading month's daily average range of $6.47. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for URI.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a Bullish Short Candle showed up on April 17th, URI actually lost -4.24% on the following trading day.
Prices are trading close to the key technical resistance level at 152.50 (R1).
United Rentals shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Short Candle" stand out. Its common bullish interpretation has been confirmed for United Rentals. Out of 88 times, URI closed higher 56.82% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 62.50% with an average market move of 1.50%.