Urban Outfitters Inc (URBN) is another leading apparel retail stock that is continuing to fall after reporting earnings. The stock traded as high as $41.03 a share on August 24th, 2021. Since that high pivot, the shares have dropped sharply and currently trade at $33.25 a share. In the near term the stock is a bit oversold, but there should still be more downside before the stock finds major chart support. Please note, Urban Outfitters Inc (URBN) stock has now dropped below the 200-day moving average. This puts the stock in a weak technical position and often signals further downside to come.
The next major support level for Urban Outfitters Inc (URBN) stock should be around the $27.00 area. This is where the stock will have a major retrace support level. It is also where the stock was defended in February 2021 before making a new 52-week high. When you combine these chart factors it should lead to a solid risk/reward long trade setup.
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