business
Retailer Approaching Historically Bullish Trendline
Key takeaways
- URBN Urban Outfitters (NYSE:URBN) shares are modestly lower, last seen down 0.7% to trade at $72.23 as they extend a pullback from multi-month highs.
- This setup has appeared 15 times over the last decade, after which the stock was higher one month later 73% of the time, averaging an impressive 5% gain.
- Furthermore, the 7.14 million shares sold short make up 12.62% of URBN s available float, and it would take short sellers five days to buy back their bearish bets at the stock s average pace of trading.
URBN Urban Outfitters (NYSE:URBN) shares are modestly lower, last seen down 0.7% to trade at $72.23 as they extend a pullback from multi-month highs. The recent price action has the stock nearing a historically bullish trendline, however.
According to Schaeffer s Senior Quantitative Analyst Rocky White, URBN is trading within 0.75 times the 50-day moving average s 20-day average true range (ATR), after spending at least 80% of the previous two weeks and 80% of the prior 42 trading sessions above that trendline.
This setup has appeared 15 times over the last decade, after which the stock was higher one month later 73% of the time, averaging an impressive 5% gain. A comparable rally from current levels would place the retailer at $75.84.
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