In Retrospect: URC

URC

URC is now underway in creating the right leg of the double bottom. There was a large increase in price last Thursday which might be due to the good company earnings report released also that day. It was able to surpass the resistance at 17 which is also the 65 day MA only to hit a snag at the 130 day MA which is at 17.25. As noticed the price increase last Thursday was not supported by good volume which made the price fall back to the support at 16, closing high at 16.50. As of current, the double bottom still has to prove itself by breaking the long term resistance at 18.50. But before it is able to do that, it must be able to break the moving averages. Possible target price of 23 for the double bottom formation.