Upstart Technical Analysis: Will it go to its second Resistance?

NASDAQ: UPST stock has been trading sideways for three days, following a positive trend.
UPST shares opened -0.03% higher than their previous close in pre-market trading.
UPST stock has been stabilizing between $30 and $36 since August 2003.

UPST’s share price has fallen 24.13% in the last week, and it has dropped more than 30% in the last month. The shares of Upstart Holdings Inc. were trading 21.76% higher than their yearly price objective.

Upstart Holdings Inc. has a market value of $2.716 billion and a trading volume of 15.48 million on a daily basis. UPST stock’s highest traded price in the previous 52 weeks was $72.58, and its lowest traded price was $11.93.

UPST stock started 0.19% higher in pre-market trading on August 16th, compared to its previous closing price.

The significance of the UPST, while a big change has been noticed.

The UPST stock price finished at $31.79, with a total market value of $ 2.63 billion (44 million shares outstanding). The UPST is listed on NASDAQ under the symbol UPST. UPST has gained -1.82% in the last 24 hours. UPST stock price forecast is now optimistic.

According to technical analysis, the current drop in UPST stock is the consequence of buyer carelessness, which allowed sellers to bring the stock price down near the support level. UPST shares were trading in the $71 area on August 3, but owing to prolonged selling pressure, its price fell dramatically, and at press time, the company was trading in the $31- $35 region.

In the previous 52 weeks, the stock price has fallen by -3.73%. UPST’s beta is 1.81, indicating that its price volatility has been higher than the market average. The most recent short interest is 22.98 million shares, implying that 27.79% of the outstanding shares have been sold short. UPST earned $542.84 million in revenue and lost $268.91 million in the previous year.

The per-share loss was $3.28. With $509.89 million in cash and $1.03 billion in debt, the firm has a net cash position of -$517.00 million, or -$6.25 per share. Operating cash flow was -$267.59 million in the previous year, while capital expenditures were -$17.98 million, for a free cash flow of -$285.57 million.

Whether it will go Long or Short?

On a daily basis, the Upstart Moving Averages Convergence Divergence (MACD) indicator is -3.60, indicating a Buy. The 20-day exponential moving average of Upstart is 46.03, and the share price is $31.78, indicating a Sell. The 50-day exponential moving average of Upstart is 43.12, and the share price is $31.78, indicating a sale.

The Indicators represent the signal, such as, The Relative Strength Index (RSI) of Upstart is 34.41, indicating a Neutral signal. The Upstart Trend Strength Indicator (ADX) is 41.32, indicating that the market is neutral. The Commodity Channel Index (CCI) of Upstart is -115.62, indicating a Buy signal. The price rate of change (ROC) at the start is -45.06, indicating a sell signal.

If sellers continue to outnumber buyers, UPST stock might fall even lower, testing the immediate support of $29.01 and the next likely level of $26.82.

Pre-market trading session analysis suggests that the UPST share was somewhat optimistic, which may improve buyer confidence.

If buyers prevailed over sellers in the August 17 trading session, the UPST share might encounter immediate resistance around $39.65, with the next probable obstacle at $41.27.

Conclusion

According to technical analysis, the UPST stock price is consolidating around the $30-$36 region. It is expected that before the conclusion of the current week, a probable bullishness will be observed, shattering nearby resistance levels, or it will follow the support and resistance levels by becoming bullish.

Technical Levels

Resistance: $39.65 and $41.27

Support: $29.01 and $26.82

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Deepika