Automation tool company UiPath (PATH) rallied Thursday as one sell-side firm praised its 'solid' Q2 results and guidance. The fundamental story may be positive right now, but I would not get too bullish just yet.
Let's check it out.
In this daily bar chart of PATH, below, I can see that prices are firm today but still remain in a sideways trading pattern from February. Prices have been trading around the 50-day and 200-day moving average lines for several months.
The trading volume has been more active since late May but the On-Balance-Volume (OBV) line has moved sideways the past three months. The Moving Average Convergence Divergence (MACD) oscillator is still below the zero line.