Uncovering Noteworthy Technical Analysis Findings for UBER TECHNOLOGIES INC (NYSE:UBER).

A possible breakout setup was detected on UBER TECHNOLOGIES INC (NYSE:UBER) by our stockscreener. A breakout pattern is formed when a stock consolidates after a strong rise up. We note that this pattern is detected purely based on technical analysis and whether the breakout actually materializes remains to be seen. It could be interesting to keep an eye on NYSE:UBER.

What is the technical picture of NYSE:UBER telling us.

ChartMill assigns a Technical Rating to every stock. This score ranges from 0 to 10 and is updated daily. The score is determined by evaluating multiple technical indicators and properties.

Overall UBER gets a technical rating of 9 out of 10. In the last year, UBER was one of the better performers in the market. There are positive signs in the very recent evolution, but the medium term picture is slightly mixed.

• Both the short term and long term trends are positive. This is a very positive sign.
• UBER is one of the better performing stocks in the Ground Transportation industry, it outperforms 83% of 37 stocks in the same industry.
• UBER is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so UBER is lagging the market slightly.
• In the last month UBER has a been trading in the 68.38 - 73.80 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.
• Looking at the yearly performance, UBER did better than 88% of all other stocks. We also observe that the gains produced by UBER over the past year are nicely spread over this period. However, this overall performance is mostly based on the strong move around 7 months ago.

Our latest full technical report of UBER contains the most current technical analsysis.

Why is NYSE:UBER a setup?

ChartMill takes into account not only the Technical Rating but also assigns a Setup Rating to each stock. This rating, on a scale of 0 to 10, reflects the degree of consolidation observed based on short-term technical indicators. Currently, NYSE:UBER exhibits a 10 setup rating, indicating its consolidation status in recent days and weeks.

UBER has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. There is very little resistance above the current price. There is a support zone below the current price at 71.42, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for UBER in the last couple of days, which is a good sign. Another positive sign is the recent Pocket Pivot signal.

How to trade NYSE:UBER?

A breakout opportunity may arise when the stock surpasses the current consolidation zone and reaches new highs. Traders often wait for this breakout before considering buying the stock. To manage risk, a stop loss order could be placed below the consolidation zone to limit potential losses.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

More breakout setups can be found in our Breakout screener.

Keep in mind

This article should in no way be interpreted as advice. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.