Upstart Holdings, Inc. (UPST) on a weekly timeframe.
Upstart Holdings, Inc. (UPST)** on a weekly timeframe.
Key Price Levels:
1. Support Zones:
- Around $40 to $42: This green-shaded area represents a prior consolidation zone that now acts as a key support. A retest of this area would offer a lower-risk entry.
- $28 to $30: Below the current price, this is a secondary strong support zone where the stock previously based, as indicated by the consolidation in early 2023.
2. **Resistance Zones:**
- $55 to $58: The stock is approaching resistance here, where it faced prior selling pressure.
- $70 to $72: This is the next resistance if it clears the $55-$58 zone.
Projection and Pattern Analysis:
- The chart shows a breakout from consolidation with a sharp upward movement, suggesting bullish momentum.
- The white line drawn on the chart represents a price projection potentially reaching $65 to $72, implying a continuation of the trend if the stock breaks out of the current resistance zone.
Optimal Entry Points (Risk Zones):
- $40 to $42: Ideal lower-risk entry on a pullback, as it aligns with a support zone and prior consolidation.
- $46 to $48: This zone could also act as an entry, but risk increases here since it's closer to current resistance.
Exit/Profit Targets:
- First exit target**: Around $58, which is near current resistance.
- Second exit target: Around $70 to $72, where strong historical resistance exists.
Stop Loss Consideration:
- A stop loss should be placed below the $40 support zone (around $38), as a breakdown below this level would indicate a potential reversal in the trend.
Summary:
- Entry zones: Ideal entries are in the $40 to $42 range or on a pullback near $46 to $48.
- First exit target: Near $58.
- Second exit target: $70 to $72.
- Stop loss: Below $38 to protect capital if the trend fails.
This setup looks bullish in the short term, with the potential for further upside if resistance levels break.
Key Price Levels:
1. Support Zones:
- Around $40 to $42: This green-shaded area represents a prior consolidation zone that now acts as a key support. A retest of this area would offer a lower-risk entry.
- $28 to $30: Below the current price, this is a secondary strong support zone where the stock previously based, as indicated by the consolidation in early 2023.
2. **Resistance Zones:**
- $55 to $58: The stock is approaching resistance here, where it faced prior selling pressure.
- $70 to $72: This is the next resistance if it clears the $55-$58 zone.
Projection and Pattern Analysis:
- The chart shows a breakout from consolidation with a sharp upward movement, suggesting bullish momentum.
- The white line drawn on the chart represents a price projection potentially reaching $65 to $72, implying a continuation of the trend if the stock breaks out of the current resistance zone.
Optimal Entry Points (Risk Zones):
- $40 to $42: Ideal lower-risk entry on a pullback, as it aligns with a support zone and prior consolidation.
- $46 to $48: This zone could also act as an entry, but risk increases here since it's closer to current resistance.
Exit/Profit Targets:
- First exit target**: Around $58, which is near current resistance.
- Second exit target: Around $70 to $72, where strong historical resistance exists.
Stop Loss Consideration:
- A stop loss should be placed below the $40 support zone (around $38), as a breakdown below this level would indicate a potential reversal in the trend.
Summary:
- Entry zones: Ideal entries are in the $40 to $42 range or on a pullback near $46 to $48.
- First exit target: Near $58.
- Second exit target: $70 to $72.
- Stop loss: Below $38 to protect capital if the trend fails.
This setup looks bullish in the short term, with the potential for further upside if resistance levels break.
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