- Unity Stock Price (NYSE:U) jumps 17% on June 5, 2023 due to Apple Vision Pro Partnership.
- U Stock Price sustains above 50 day EMA and attempts to break the 200 day EMA.
- Unity Software Inc beats EPS as well as revenue estimates in quarter earnings.
Unity Stock Price (NYSE: U) jumped 17% on Monday June 5, 2023 due to the Apple Vision Pro Partnership. The U Stock witnessed the biggest jump since 2020 When the market came to know that Apple was working with the game development company.
Unity Stock breakout of $32.00 hurdle with a strong buying volume and showed signs of bullish trend reversal. It formed a double bottom pattern and buyers succeeded to close the price above the neckline hurdle.
Unity Stock sustains above 50 day EMA shows short term trend has reversed upward. However, the 200 day EMA is still above the price which will act as an immediate hurdle in the coming week.
In the past few months, Unity Stock price consolidated in the range between $24.00 to $32.00 and formed a base. Presently, the prices had shown breakout and momentum is expected to continue for some more time.
Unity Stock Price closed the previous session at $36.32 with an intraday rise of 17.16%. The market capitalization stands at $13.75 Billion. The chart structure of the U stock price is bullish and expected to perform well in the coming months.
Will Unity Stock Price sustains the gains
Unity Stock Price recovered 45% approx from the recent swing low at $24.66 shows that buyers are returning back to the track.
Unity Software Inc released the previous quarter earnings on May 10, 2023. It reported an EPS of $0.026 and revenue of $500.361 Million. Unity beats the EPS estimate by 195.42% and revenue estimate by 4.04%. However, the prices did not react much and remained in range.
The recent up-move is also adjusting the quarterly earnings as well the Apple vision pro partnership feuling the rally. Till the Unity Stock is trading above the $32.00 the probability of more upward momentum remains high.
The technical analysis suggests, the U stock price turning bullish and the recent up-move is likely to sustain the higher levels.
U Stock: Technical Outlook
The U Stock Price is turning bullish on a weekly and daily time frame which regaining the confidence of investors. The recent partnership has grabbed the attention of investors and prices showed a surprising rally.
The next phase of rally in Unity stock will begin when buyers are able to break out of the swing high hurdle at 43.00.
The technical indicators like MACD curve have generated a positive crossover and histogram bar is on rise. It indicates the bullish momentum is likely to continue in coming months.
The RSI at 70 sloping upward denotes strength of bulls. However, the price is near to the overbought territory and short term retracement is possible.
Conclusion
Unity Stock Price (NYSE: U) up 17% on a single day due the partnership of Apple Vision Pro. The stock breakout of important hurdle and prices are likely to sustain the higher levels.
Technical levels
Resistance levels: $43.00 and $50.00
Support levels: $32.00 and $24.00
Disclaimer
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