- NYSE: UBER share price seems to be in recovery mode this week.
- On daily price action, the price of Uber stock has been in a low-high price pattern since mid-September.
- Amid a correction in prices, UBER share price crossed the 100-day moving average.
Uber Technologies Inc. is the largest San Francisco-based transportation company. NYSE: UBER’s stock price attempted to recoup its losses in October. For the past several days, the buyers tried to maintain their dominance in the market. Although they are losing control to some extent, the price movement shows some stability.
The price action of Uber stock price is showing a low-high pattern so far. As of late July, the asset price price was performing poorly in a descending parallel channel in terms of the daily price scale. However in early August, buyers pushed the UBER stock price above this bearish price pattern.
Amid price decline, bears try to maintain UBER stock price below the bearish trendline. Last night, buyers successfully closed the asset’s daily price closing at $27.87, just below the resistance trendline. Buyers need to close the weekly price closing above this bullish hurdle to see further growth of this company.
As per the Fib retracement 0.382 level, buyers got higher price rejection at this level (at $33 level). This key bullish hurdle still stood to be the next selling point of bears if asset price moves above the downsloping trendline. The market capitalization of UBER recorded at $55.18 Billion and average trading volume is $28.56 million.
In this week, UBER share price rose above the 100 day moving average as well as the 20 DMA, in terms of the daily chart, due to the correction in prices. Now the 50 and 200 DMAs have moved above the current price of the asset.
The RSI indicator shows a recovery in price as its peak forms a double bottom formation in the oversold zone. At that time it remained at 50 level. Moreover, MACD gave a bullish crossover while moving into negative territory.
Conclusion
Bulls keep UBER stock price above the 20 and 100 DMAs to maintain their dominance over the asset. The RSI indicator is also showing a positive trend. Buyers need to close weekly price close above this bullish barrier to see further growth of this company.
Technical Levels
Support level – $24 and $20
Resistance level – $30 and $40
Disclaimer
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