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.
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