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.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.