It appears United Rentals (URI) may be ready for a turn higher. After getting blasted last month following a weak earnings report, the stock reached support (around $105) last week – and then bounced right off that level. Despite that amazing move, United Rentals is not in the clear. It has to break a downtrend line and fill a rather large gap up to $120. If it can, that would be a nice 7% gain.
The indicators are looking positive. The MACD is starting to turn up for a buy signal; it should be confirmed in a couple of days. Momentum indicators are oversold and may rise. Relative strength is still below the downtrend line, but again, there is room to move up and provide us with a nice gain.
United Rentals (NYSE:URI) Video Chart Analysis
Take a deeper dive into the chart action on tech stock United Rentals NYSE:URI and learn how to read the technicals. Get Bob Lang’s full analysis as he marks up our chart of the week.
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About United Rentals
United Rentals, Inc., through its subsidiaries, operates as an equipment rental company. It operates in two segments, General Rentals; and Trench, Power, and Pump. The General Rentals segment engages in the rental of general construction and industrial equipment, such as backhoes, skid-steer loaders, forklifts, earthmoving equipment, and material handling equipment; aerial work platforms, such as boom lifts and scissor lifts; and general tools and light equipment comprising pressure washers, water pumps, and power tools. This segment serves construction and industrial companies, manufacturers, utilities, municipalities, and homeowners. The Trench, Power, and Pump segment is involved in the rental of specialty construction products, including trench safety equipment, such as trench shields, aluminum hydraulic shoring systems, slide rails, crossing plates, construction lasers, and line testing equipment for underground work; power and HVAC equipment,
