- UBER drivers have announced that they will be going on strike across pittsburgh this weekend.
- UBER stock price has seen a fall in the past 2 days. It is trading near the value of $34 with a drop of 4%
Uber Technologies Inc. is a multinational transportation network company that offers a range of services including ride-hailing, ride sharing, and food delivery services. Since its IPO in May 2019, the company’s stock has been a popular choice among the investors..At the time of its IPO, Uber’s stock was priced at $45 per share, valuing the company at nearly $82 billion. However, the stock is currently struggling and trading below the IPO level. The company has struggled with profitability and has yet to turn a profit. In addition, increased competition in the ride-hailing and food delivery markets, as well as regulatory challenges, have been headwinds for the stock.Despite these challenges, some analysts remain optimistic about the future of Uber’s stock. UBER latest earnings has increased the positive sentiment in investors.
UBER has a market cap of $68 Billion and has a negative EPS.Various analysts are expecting a strong growth in the near future.
Are Bulls On UBER Positive Side?
The weekly technical chart of the UBER suggests a weak upside trend. On the daily chart it is trading near the value of $34 with a drop of 4% in the intraday session. It was on the upside trend but is currently stuck in a zone .If it crosses above $38 an upside move can be seen. Resistance of the UBER can be seen near $45.Meanwhile the support of the asset price can be seen near $30.It is trading above the 50 and 100 Daily Moving Average. There can be a positive crossover which can push the asset price to a new high.
RSI of the UBER is near 65 suggesting its presence in the oversold zone.It has seen a downside slope which may push the asset price to a new low in the future.
Conclusion
UBER current earnings has turned investors positive about the future. UBER stock price is currently in a downtrend but can observe new high in the future.
Technical Levels
Major Resistance:$45
Major Support:$28
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and 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/2023/02/12/uber-stock-price-uber-taking-a-pause-near-35-will-it-jump-to-50/