Upstart Has Pulled Back in a Big Way
Upstart has been a hypergrowth stock since going public 11 months ago. It priced for $20 on December 15 and ran as high as $401.49 in mid-October. It then stalled and lost more than half its value.
The pullback has brought the fintech near some potentially important levels. First is the price area around $190, where UPST peaked in June. Traders may look for this old resistance to become new support.
Second, the 200-day simple moving average (SMA) is rising quickly from below. Given its short history, the stock has never tested this SMA.
UPST is oversold as well, based on two measures. The Stochastic oscillator fell to its lowest level ever on Friday. Price is also the furthest ever from its 50-day SMA, according to TradeStation’s custom script Distance from MA.
Finally, UPST’s fundamentals have been strong, with results beating estimates the last four quarters.
Despite these potential positives, short-term momentum remains very bearish following the sharp drop. Traders may want to watch for potential stabilization around the 200-day SMA.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
The pullback has brought the fintech near some potentially important levels. First is the price area around $190, where UPST peaked in June. Traders may look for this old resistance to become new support.
Second, the 200-day simple moving average (SMA) is rising quickly from below. Given its short history, the stock has never tested this SMA.
UPST is oversold as well, based on two measures. The Stochastic oscillator fell to its lowest level ever on Friday. Price is also the furthest ever from its 50-day SMA, according to TradeStation’s custom script Distance from MA.
Finally, UPST’s fundamentals have been strong, with results beating estimates the last four quarters.
Despite these potential positives, short-term momentum remains very bearish following the sharp drop. Traders may want to watch for potential stabilization around the 200-day SMA.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
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