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Uber- Technical AnalysisDisclaimer: I don’t own shares of UBER. The below analysis is not a trading or investment recommendation & is only for learning purpose. • Price is under the short term 20 period & long term 200 period moving averages. • Price & RSI show an unconfirmed bullish divergence. Confirmation of this divergence is obtained through price closing above the trendline & sustaining itself above the trend line. • Immediate resistance points seems to be the 20MA, the intersection of price & the trendline shown in the chart, the most recent pivot at $26.69 & the 200MA • Immediate support is around $20.16 which is the most recent low. • Price closing below $20.16 could trigger another round of downward movement. • Volume increase has been seen around the recent lows made by price but the stock needs to see more of such high bouts of volume to end the downward path & sustain it’s upward journey. • An important development to look out for would be for the recurrence of hidden bearish divergence. • The most recent hidden bearish divergence has been shown using dotted arrows on price & RSI. • Hidden bearish divergence occurs when price continues to make new lower highs in a downtrend but RSI at the corresponding price levels makes a higher high. • Hidden bearish divergence is usually a trend continuation signal. Since the existing trend in this chart is downwards, hidden bearish divergence tells us that the downward move hasn’t probably come to an end yet. • Please exercise caution & always respect support & resistances for establishing stop losses while trading. Good luck, make money!
NYSE:UBER
by Venkat_014