Time To Short United Rentals Again

United Rentals, Inc., through its subsidiaries, operates as an equipment rental company that services construction and industrial companies, by renting out backhoes, forklifts, earthmoving equipment, and material handling equipment, scissor lifts, crossing plates, line testing equipment for underground work, electrical distribution equipment, etc.

Three months ago I wrote a post,

United Rentals…Another Great Economic Barometer

where I talked about, like Caterpillar, United Rentals is a great barometer of the economy.  United Rentals their earnings report, United Rentals said they were still on target with the 2019 targets, however, the charts suggested to short the stock at the daily supply at $140.

Price did fall from the zone, but never hit the suggested target price.  Yesterday, United Rentals announced their second quarter earnings reported profits above Wall Street expectations, but cut the top of their guidance range for the year. Because the supply level hasn’t been breached, the chart suggested to short price again, with a confirmation below the $128 level which served as support/resistance.

This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.

About the author: TIMM Trader
Uniting Experts & Novices for Mutual Profit!

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