Urban Outfitters (URBN) Is Another Retailer Correcting, Here’s The Trade Level
Urban Outfitters Inc (URBN) is another leading apparel retail stock that is continuing to fall after reporting earnings. The stock traded as high as $41.03 a share on August 24th, 2021. Since that high pivot, the shares have dropped sharply and currently trade at $33.25 a share. In the near term the stock is a bit oversold, but there should still be more downside before the stock finds major chart support. Please note, Urban Outfitters Inc (URBN) stock has now dropped below the 200-day moving average. This puts the stock in a weak technical position and often signals further downside to come.
The next major support level for Urban Outfitters Inc (URBN) stock should be around the $27.00 area. This is where the stock will have a major retrace support level. It is also where the stock was defended in February 2021 before making a new 52-week high. When you combine these chart factors it should lead to a solid risk/reward long trade setup.
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