United Rentals (NYSE: URI) URI stock continued to rise in an uptrend. It surpassed the significant moving averages, highlighting buyer action in the past few sessions. Furthermore, after the channel breakout, the stock is heading toward the round mark of $500. Additionally, the stock is forming a cup and handle pattern which suggests that stock will soon skyrocket and may attain $500 followed by $550 in the upcoming sessions.
However, the stock is trading in the supply zone and buyers are cautious and are trying to surpass the range to avoid being trapped. As sellers continue to add short positions and are trying to beat the bulls. Moreover, the URI stock delivered the bullishness post release of the Q3 earnings results. URI stock has approached the bullish territory and witnessed fresh buying interest in the past sessions.
United Rentals, Inc. engages in the equipment rental business. It operates through the General Rentals and Specialty segments. The General Rentals segment includes the rental of construction, aerial and industrial equipment, general tools and light equipment, and related services and activities. The Specialty segment focuses on the rental of specialty construction products such as trench safety equipment, power and HVAC equipment, fluid solutions equipment, mobile storage equipment and modular office space. The company was founded by Bradley S. Jacobs in 1997 and is headquartered in Stamford, CT.
Will URI Stock Reach the $500 Mark?
On the daily charts, URI stock noted a rounding bottom pattern earlier, and is now forming a cup and handle pattern, both delivering a positive view for the upcoming sessions. Recently, stock has surpassed the channel upper trendline of $230 and has surpassed the round mark of $450. Additionally, the bulls are heading to claim the $500 mark. The stock has surpassed the 50% Fibonacci retracement zone and is close to the 61.8% zone near $470.
The RSI curve is above the midline in the overbought zone and formed a positive crossover, signifying the buyers’ dominance.
The MACD shows a bullish crossover and green bars on the histogram, suggesting that stock will continue to outperform and may reach $500 soon.
Summary
URI stock price is in the bull trajectory and surpassed the significant moving averages, highlighting buyers’ dominance on the charts. Moreover, the price action shows a breakout from the channel and surpassed the round mark of $450. Additionally, the stock is an ideal candidate to add to the portfolio to claim decent returns in the upcoming months.
Technical Levels
Support Levels: $450 and $440
Resistance Levels: $475 and $85
