Interesting Technical Analysis finding for UBER TECHNOLOGIES INC (NYSE:UBER)

Our stock screener has spotted UBER TECHNOLOGIES INC (NYSE:UBER) as a possible breakout candidate. A technical breakout setup pattern occurs when the stock is consolidating after a nice uptrend. Whether the actual breakout occurs remains to be seen of course, but it may be interesting to keep an eye on NYSE:UBER.

Technical analysis of NYSE:UBER

ChartMill assigns a Technical Rating to every stock. This score, ranging from 0 to 10, is updated daily and 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.
• Looking at the yearly performance, UBER did better than 91% of all other stocks.
• UBER is part of the Ground Transportation industry. There are 37 other stocks in this industry. UBER outperforms 86% of them.
• 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.
• UBER is currently showing a bull flag pattern! A bull flag pattern occurs when prices pull back slightly after a strong rise up. This may be a nice opportunity for an entry.

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

Looking at the Setup

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the level of consolidation in the stock based on multiple short-term technical indicators. Currently, NYSE:UBER has a 8 as its setup rating, indicating its current consolidation status.

UBER has an excellent technical rating and also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. A pullback is taking place, which may present a nice opportunity for an entry. There is a resistance zone just above the current price starting at 72.99. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 72.23, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

Trading breakout setups.

For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the zone.

Of course, there are many ways to trade or not trade NYSE:UBER and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

Our Breakout screener lists more breakout setups and is updated daily.

Keep in mind

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.