UBER TECHNOLOGIES INC is setting up nicely for a breakout.

Our stock screener has flagged UBER TECHNOLOGIES INC (NYSE:UBER) as a potential breakout candidate. This occurs when the stock shows signs of consolidation after a notable upward trend. While we can't predict the actual breakout, it's worth monitoring NYSE:UBER for potential movement.

Analyzing the Technical Aspects

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.

Taking everything into account, UBER scores 10 out of 10 in our technical rating. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, UBER is showing a nice and steady performance.

• Both the short term and long term trends are positive. This is a very positive sign.
• When comparing the yearly performance of all stocks, we notice that UBER is one of the better performing stocks in the market, outperforming 91% of all stocks. We also observe that the gains produced by UBER over the past year are nicely spread over this period.
• UBER is one of the better performing stocks in the Ground Transportation industry, it outperforms 89% of 38 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 67.12 - 78.45 range, which is quite wide. It is currently trading near the high of this range.

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

Looking at the Setup

Besides the Technical Rating, ChartMill also assign a Setup Rating to every stock. This setup score also ranges from 0 to 10 and determines to which extend the stock is consolidating. This is achieved by evaluating multiple short term technical indicators. NYSE:UBER currently has a 8 as setup rating:

UBER has an excellent technical rating, but the quality of the setup is only medium at the moment. Price movement has been a little bit too volatile to find a nice entry and exit point. It is probably a good idea to wait for a consolidation first.

How to trade NYSE:UBER?

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.

This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.

More breakout setups can be found in our Breakout screener.

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.