UBER TECHNOLOGIES INC (NYSE:UBER) Technical Analysis observations.

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.

Analyzing the Technical Aspects

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.

Taking everything into account, UBER scores 10 out of 10 in our technical rating. Both in the recent history as in the last year, UBER has proven to be a steady performer, scoring decent points in every aspect analyzed.

• 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 97% of all other 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 94% of 37 stocks in the same industry.
• UBER is currently trading near its 52 week high, which is a good sign. The S&P500 Index however is also trading near new highs, which makes the performance in line with the market.
• 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.

Check the latest full technical report of UBER for a complete technical analysis.

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 8 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 and the volatility has been reduced. There is a resistance zone just above the current price starting at 81.03. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 76.66, a Stop Loss order could be placed below this zone.

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.

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

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.