Boston, MA 10\/17\/2013 (wallstreetpr) –\u00a0United Rentals, Inc. (NYSE:URI) (Closed: $59.79, Up: 4.20%) remained in a comatose state for the most of the session on Thursday till the news about the company announcing a very strong Q3 result came, which made the stock jump on huge volume. The stock made a new life high at $61.43 but faced some profit booking at the higher levels. The volume of the last 20 minutes surged at 6 million against an average of 2 million. The price action created a huge bull candle but with long shadows on both the sides.<\/p>\n
The long term picture of the stock is bullish but not convincing on many counts. It had arrived at the exchange in 1997 and after a nice rally to $48 in 1998 from the low of $14 level, it had crashed to $10.56 by the same year. It took support in the $10.50 – $13.50 zone for a few months before posting a fresh low at $5.88 in 2002. The next bull market took it to $$37.84 by early 2006 and the subsequent bear market took it down to an all time low of $2.52 by early 2009.<\/p>\n
The big rally from the 2009 bottom can be clearly divided into 3 major rallies punctuated by 2 major corrections. The magnitude of the first rally was about 32 points, of the second was about 35 points and at the Wednesday high of $61.43, the third rally achieved 34 points. As all the major waves have been overlapping from the very beginning, it is tough to mark the entire move as an impulsive one. On the other hand, the similarity in the magnitude points to a possible Triple Corrective.<\/p>\n
The price has been contracting for a while now and the breakout will take place outside the range of $55 – $62. Bulls need to take the price above $65 for a major move.<\/p>\n","protected":false},"excerpt":{"rendered":"
Boston, MA 10\/17\/2013 (wallstreetpr) –\u00a0United Rentals, Inc. (NYSE:URI) (Closed: $59.79, Up: 4.20%) remained in a comatose state for the most of the session on Thursday […]<\/p>\n","protected":false},"author":15,"featured_media":10374,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[2236],"tags":[3463,3464,3462,3465],"stock_ticker":[],"class_list":["post-10373","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-nyseuri","tag-united-rentals-inc","tag-united-rentals-inc-nyseuri","tag-uri","entry"],"acf":[],"yoast_head":"\n