The $UBER ride is still going! – February 29, 2024
This is Scott with your Chart of the Day. A really quick one here from Uber ( NYSE: UBER ).
The Uber ( NYSE: UBER ) ride is still going, I just want to bring this to your attention. If you are in cash right now, looking for an actionable chart that is, I think Uber ( NYSE: UBER ) is trending just beautifully. You can see this clear downward-sloping trendline that I drew out here today.
It broke above, slightly, on a slight pickup in volume, not really higher than average, but it’s in trend and just grinding higher. I definitely like this Uber ( NYSE: UBER ) chart as a place for an actionable idea. If I zoom out here you can see that this is close to all-time highs, and that means you really want to look at psychological levels of resistance.
We’re at $79.00 right now so I think $80.00 is probably resistance and then up to here around 81.00 and then 82.00. I would just use those round dollar numbers as potential levels of resistance on the upside. But as long as the market holds up, I could see this just continuing to grind higher leading up to their next earning report, coming up in May.
Uber ( NYSE: UBER ) is a Steady Eddie trade that’s trending beautifully. And as long as it can hold above that 8-day exponential period moving average or even the 21-day if you have a nice cushion, I definitely think this is a stock you want to be long.
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