Upstart Holdings Inc. (NASDAQ:UPST) shares were trading higher Tuesday as shares were able to bounce off a key support level and have been pushing higher once again. The stock is trading in a sideways channel between support and resistance that have been able to hold for the past few months. The stock has been trending on social media throughout the day.
Upstart was up 5.23% at $114.71 Tuesday afternoon.
Upstart Daily Chart Analysis
- Shares recently bounced off the $80 level and have been pushing higher in a sideways channel since then. Resistance may be found near the $170 level, as this was a place where the stock has found resistance in the past.
- The stock trades below both the 50-day moving average (green) and the 200-day moving average (blue). This indicates bearish sentiment, and each of these moving averages may hold as an area of resistance in the future.
- The Relative Strength Index (RSI) pushed higher Tuesday and has moved up to 47 on the indicator. This shows that buyers have been moving into the stock and now the buying pressure is almost equal to the selling pressure.
What’s Next For Upstart?
Upstart is starting to see some bullish momentum after bouncing off the $80 level and seeing strong volume. Bullish traders are looking for the stock to continue to form higher lows and cross above the moving averages. These moving averages may provide more bullish sentient.
Bulls are eventually looking to see the price cross above the $170 resistance level. Bearish traders are looking for the price to fall back lower again and cross below the $80 level. This could signal a strong bearish move is coming in the future.
