URC’s downtrend extended into the second trading day and broke down from its previous support of 144.25. Still, the stock is above the key short- and long-term moving averages. Note that the 50-d and 100-d moving averages staged a death cross, though. Meanwhile, the indicators are now mixed. The RSI developed a steep downward bias in the selling territories. The gap between the +DI and -DI narrowed substantially, and the ADX plateaued. Finally, the MACD staged a bearish convergence. It’s possible that the stock would continue to fall until a new stable support level supports it.
Buy when support holds
Weekly target: 137.50
Support: 137.00 / 135.00
Resistance: 144.25 / 148.50
Material in this article is obtained from sources we believe to be reliable, but its reliability or precision cannot be guaranteed. This is for the sole purpose of providing details and does not provide an offer from us to buy or sell securities mentioned in this document.