Upstart Stock Price: UPST daily chart takes aim at $157
- UPST shares formed support this week at $85.
- Upstart stock has been reacting more to macro events than internal news.
- UPST shares are down in Friday's premarket.
Shares of lending broker Upstart Holdings (UPST) shed a little over 2% in Friday's premarket. The popular growth stock advanced 9% to $116.57 on Thursday. Upstart released a mobile application for its auto lending division last week, but macroeconomic events such high oil prices and rising interest rates are having a more direct affect on the Upstart stock price.
Upstart Holdings Stock Forecast: UPST takes aim at $157
Upstart stock is now above both the 50-day moving average ($113.88) and the 9-day moving average ($107.20). The 21-day moving average ($124.83) crossed above the 50-day on March 3, and bulls need it to stay there if further upward price movements are in the cards. The 21-day moving average is flat at the moment. If it begans angling downward, it is probably time to get out of your position.
There is a wide demand zone between $75.15 and $85.80 that goes back to May 2021. This area is long-term support and appears to be the range to buy in at if growth stocks see another large downswing as they did last Friday when UPST lost 22% in a single session.
The aim now is to target the region starting at $157 and trending up to $161. The area provided resistance in early March. It appears that the current swing low is over based on Wednesday and Thursday's confident advancement. This means that the lows of Monday and Tuesday are about $10 above the previous swing low on January 24. This makes this week's low at $85 the support to sustain. If it is not broken soon, then it appears that the support line is trending higher and pushes expectations up that $157-$161 may be broken during the next major price increase.
UPST 1-day chart
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Author
Clay Webster
FXStreet
Clay Webster grew up in the US outside Buffalo, New York and Lancaster, Pennsylvania. He began investing after college following the 2008 financial crisis.
