Is $UPST Ready to Start a New Uptrend? – October 6, 2021

by DAN UPST 
This is Scott with your Chart of the Day. I want to take a look at Upstart Holdings ( NASDAQ: UPST ). Upstart ( NASDAQ: UPST ) has been a major, major go since its IPO back here in the middle of December. It is up over 1,000 percent from that day. It hasn’t been an easy hold, you have had to sit through a lot of gut-wrenching 50 percent drawdowns followed by 300 percent moves to the upside. And then another 43 percent drawdown, this is like the stock equivalent of bitcoin, in my opinion, because you have got to sit through the volatility to get the payoff.

I do see a little swing trading setup right here, right now on this chart. You can see this clearly defined level of resistance. We have resistance, resistance, resistance, and then today we have a nice little pickup in volume. So what I want to see from Upstart ( NASDAQ: UPST ), as it is holding here around the 21-day exponential period moving average, is a move through this downward sloping trendline coming on higher than average volume. I would like to see this kind of follow-through to the upside as it runs into its earnings date coming up to November 9th.

So that is what I am looking for here with Upstart ( NASDAQ: UPST ). And if it can potentially start to get going it could start a new uptrend just before its next earnings report. So something to watch for, I hope this analysis was helpful.

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