Let’s follow up on $UBER – August 31, 2023


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This is Scott with your Chart of the Day. I want to follow up on a chart that I shared with you about 9 days ago, or so, and that is Uber ( NYSE: UBER ).

Now, Uber ( NYSE: UBER ) has been consolidating, it was on this day here, that I shared the chart with you. It has been consolidating around a cluster of moving averages. Now, if you are new to trading I want to tell you that I love it when moving averages cluster together. Because a lot of times they can act as a pretty clear resistance level. But then flip to a pretty clear support level

That seems to be what has happened here with Uber ( NYSE: UBER ), where it was battling against this 45.30 level, which was the level that I told you to watch 9 days ago. It couldn’t get above, couldn’t get above, and couldn’t get above. It finally got above, and you can see the volume coming into the stock as anyone who is short Uber ( NYSE: UBER ) was then forced to cover. And then momentum buyers come in and it kind of helps push the stock higher.

So this is definitely one to watch as it looks like it is trying to break close to its recent highs up here at around $50.00. And so that would be a potential swing target for anyone who took this trade. I think that the $50.00 level will probably act as short-term resistance. What happens after, obviously we don’t know. But I think that that $50.00 level will probably get tested before the lows get tested right around that $42.00 level.

So in my opinion, this is definitely one you want to watch for that potential retest of the highs right around $50.00.

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