Uber Stock Price hit 52 week high; FOMO rally in UBER Stock?

• Uber Stock Price (NYSE: UBER) hit a 52 week high and momentum is still intact.
• The Technologies Stock up by 86% on YTD basis.
• Quarterly Earnings are scheduled on August 1, 2023.

Uber Stock Price (NYSE: UBER) is up by 86% on YTD basis and trading near to the 52 week high. The price is rising upward by forming higher highs shows the dominance of bulls. 

Uber Stock Price is sustained above the 50 and 200 day EMA showcase uptrend. The support levels are shifting higher denotes bulls are strengthening their grip. Any short term down move will be easily absorbed by the buyers at support levels. 

Uber Technologies released the previous quarter earnings on May 2, 2023. It met the EPS as well as revenue estimates which positively impacts the stock price. Later, Prices gained momentum and broke out of the swing high hurdle at $37.00. 

Uber Stock Prices rallied 25% approx in the short span of time and the momentum is still intact. The quarterly earnings are scheduled on August 1, 2023. Analysts estimated an EPS of -0.002 and revenue of $9.34 Billion. 

If UBER Technologies succeed to meet the estimates then more upside will open. Whereas, if the company disappoints then short term retracement toward the 50 day EMA is possible. 

The Stock Price closed the previous session at $47.41 with an intraday rise of 4.17%. The market capitalization stands at $95.95 Billion.

Will the Uber Stock continue the rally?

Uber Stock Price is forming a bullish continuation pattern. The buyers seem to be highly active and more upside is possible before quarterly earnings. Till Uber Stock sustains above $40.00 the prices are expected to remain in bulls grip. 

On the higher side $52.00 might act as an immediate hurdle for the bulls. The stock rallied a lot in the past few months and looks overstretched so minor consolidation or retracement is possible. 

If the price drops below $40.00 then bears might try to pull it down to retest the breakout level. The technical analysis suggests, Stock is in uptrend and rally might continue for some more time.

Will UBER Stock break $50.00 in July month expiry

UBER Stock Price might react in the July monthly expiry. The option data is quite surprising and shows divergence with the price action. The highest Call Open interest build up is in the strike of 47.50 which holds 10,999 contracts. 

The 2nd highest Call OI build up is in the strike of 50.00 which holds 7383 contracts. It indicates that the Call sellers are active and bears will try their best to keep the price below $50.00 till expiry. 

Conclusion

The Stock Price (NYSE: UBER) is up by 86% on YTD basis. It generated a decent return for its long term investors. The momentum in the Stock is still intact and more rally is possible. 

Technical levels

Resistance levels: $50.00 and $52.00

Support levels: $40.00 and $37.00

Disclaimer

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