There are signs that NYSE:UBER may be ready to breakout.

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.

Technical analysis of NYSE:UBER

Every day, ChartMill assigns a Technical Rating to each stock, providing a score ranging from 0 to 10. This rating is determined by evaluating various technical indicators and properties.

Taking everything into account, UBER scores 9 out of 10 in our technical rating. In the last year, UBER was one of the better performers, but we do observe some doubts in the very recent evolution.

• The long term trend is positive and the short term trend is neutral. The long term trend gets the benefit of the doubt for now.
• When comparing the yearly performance of all stocks, we notice that UBER is one of the better performing stocks in the market, outperforming 96% of all stocks. On top of that, UBER also shows a nice and consistent pattern of rising prices.
• UBER is one of the better performing stocks in the Ground Transportation industry, it outperforms 91% 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.
• 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.

For an up to date full technical analysis you can check the technical report of UBER

How do we evaluate the setup for NYSE:UBER?

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. Prices have been consolidating lately. 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 81.03. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 76.07, a Stop Loss order could be placed below this zone.

Trading setups like NYSE:UBER

One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this zone.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

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.