Uber stock price has been trading inside an ascending parallel channel and may surge till the $50 recovery level to sustain. Meanwhile, UBER shares need to accumulate buyers as it trades near the lower trendline of the rising parallel channel over the daily time frame chart. UBER stock gained support from $29.50 and rose through an ascending parallel channel over the daily time frame chart.
Uber stock price needs to maintain itself inside the rising parallel channel pattern in order to recover towards the $50 mark. Meanwhile, analysts believe that the UBER share price may reach the $50 mark if it rebounds from the lower trendline of the parallel channel.
Uber stock price was at $45.16 and has gained 0.47% of its market capitalization in Tuesday’s trading session. However, trading volume was below average and needs to grow in Wednesday’s trading session. Nevertheless, UBER share price was at $45.14 with a slight drop of 0.04% in the pre market session.
Uber Technologies Inc. NYSE: UBER Stock Price May Slip – Technical Indicators
Uber Technologies Inc. (NYSE: UBER) stocks have shown signs of recuperation within an upward parallel channel on the daily timeframe chart. Yet, UBER shares descended beneath the 20-day exponential moving average (EMA) and are striving to stay above the 50, 100, and 200-day daily moving averages. Notably, the volume shift has been less than usual and is expected to increase during Wednesday’s trading session.
In the span of a week, Uber stock price decreased by about 7.21%, followed by an increase of approximately 7.34% within a month. Furthermore, UBER shares displayed an uptrend of around 16.99% over the last three months and a notable 22.42% over six months.
Moreover, the Uber stock has witnessed a remarkable surge of roughly 78.01% year-to-date, affirming its substantial recovery in 2023. Over the course of a year, the share price of Uber has achieved an impressive gain of approximately 39.68%.
Technical indicators show divergence over the UBER stock price. Relative strength index (RSI) suggests the upside trend of UBER shares. Nevertheless, moving average convergence divergence (MACD) reflects the downside trend.
RSI was at 48 and is preparing for a breakout from neutrality. The MACD line on the other hand is below the signal line after a negative crossover. Investors in Uber Technologies Inc. (NYSE: UBER) stock needs to wait until the UBER stock price initiates its recovery from the lower trendline of the rising parallel channel.
Summary
The Uber stock price has been engaged in trading within an upward parallel channel and has the potential to rise towards the $50 recovery threshold for sustained growth. Market experts anticipate that UBER share price could attain the $50 milestone upon rebounding from the lower trendline of this parallel channel. Furthermore, Uber stock has exhibited a notable surge of approximately 78.01% year-to-date, validating its substantial recovery in the year 2023. Technical indicators indicate a divergence in the trajectory of the UBER shares.
Technical Levels
Support Levels: $43.80 and $42.15
Resistance Levels: $46.35 and $47.85
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/08/09/uber-technologies-inc-nyse-uber-stock-price-may-sustain-near-50/