- UBER stock price formed a double bottom pattern and also broken out of the neckline hurdle
- NYSE: UBER stock price up by 12.84% on the monthly basis
- UBER technical indicators are turning bullish
UBER Technologies Inc (NYSE: UBER) stock price is trading with bullish cues and bulls are trying to keep the price above the $31.00 level to show dominance in the higher levels. However, the Q4 earnings are scheduled today before the market opens which might affect the short term direction of the stock. In the previous session NYSE: UBER stock price closed at $34.90 with the intraday gains of 2.95%.
UBER price gets ready for the massive up-move ?
On a daily time frame, UBER Technologies Inc (NYSE: UBER) stock price is rising upward with the positive momentum and forming a double bottom bullish reversal pattern which has created a hope for the long term investors. Luckily, UBER stock prices had succeeded to break out of the neckline hurdle which had triggered the further momentum and prices shot up 12% approx in the short span of time.
Meanwhile, The UBER stock price has also reclaimed the 50 and 200 day EMA which indicates that the positional trend has turned in the favor of bulls and buyers seem to be expecting more upward movement after the release of the Q4 results. However, if UBER disappointed the Q4 street estimates then prices may react negatively and might retest the $31.00 support level. On the other hand, if the Q4 results are near to the street estimates then bullish investors may get rewarded and prices may begin the journey toward $37.44 mark.
The technical indicators of the UBER like supertrend and MACD are also turning bullish and the price action is also favoring in the direction of bulls but the RSI at 79 near to the overbought zone which might create trouble for the short term traders. On the lower side,if price faces rejection from the higher levels then $31.00 will be acting as a support level for the bulls followed by next support at $28.00 level.
According to data from Yahoo finance, An average earning estimate for the UBER Q4 is -$0.18 and the revenue estimates stood at $8.48B. However, some analysts are talking that UBER might enter into the profitable club in the Q4 itself.
Summary
UBER Technologies Inc (NYSE: UBER) stock price had shown a supring recovery of the 12% after it broke out of the neckline hurdle level which indicates that some genuine buyers had taken long positions in the expectation of outperformance in the future. However, the prices may react violently after the Q4 release which might decide the short term direction.
Technical levels
Resistance levels : $37.44 and $40.00
Support levels : $31.00 and $28.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/02/08/uber-price-uber-q4-earnings-will-decide-the-short-term-direction/