A sell-side firm initiated fundamental coverage of Upstart Holdings (UPST) Tuesday with a "sell" recommendation.
In our August 8 review of UPST we failed to find anything bullish about this operator of a cloud-based AI lending platform.
Let's check the condition of the charts and indicators again.
In the updated daily bar chart of UPST, below, we use a log scale to better show the price action. Here we can see that the shares have yet to begin a bottom pattern. Prices are stubbornly below the declining 50-day moving average line. Trading volume has not increased as prices try moving sideways in the $25 - $20 area.
The direction of the On-Balance-Volume (OBV) line remains down and that tells us that sellers of UPST are still more aggressive than buyers. The Moving Average Convergence Divergence (MACD) oscillator has been hugging the zero line.


