Uber stock price gained 1.24% on the last trading day (Friday, 23rd Jun 2023), rising from $42.81 to $43.34. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 3.37% from a day low at $42.33 to a day high of $43.76. The price has risen in 7 of the last 10 days and is up by 7.65% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 3 million more shares were traded than the day before. In total, 22 million shares were bought and sold for approximately $971.37 million.
The stock lies in the upper part of a wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $44.43 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 46.24% during the next 3 months and, with a 90% probability hold a price between $56.35 and $64.97 at the end of this 3-month period.
UBER Signals & Forecast
Uber stock holds buy signals from both short and long-term moving averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $42.73 and $39.68. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Friday, June 16, 2023, and so far it has fallen -0.414%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Uber stock
On the downside, the stock finds support just below today's level from accumulated volume at $37.84 and $36.52. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Uber finds support just below today's level at $37.84. If this is broken, then the next support from accumulated volume will be at $36.52 and $32.74.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $1.43 between high and low, or 3.37%. For the last week, the stock has had daily average volatility of 3.38%.
Our recommended stop-loss: $41.71 (-3.77%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 4 days ago.)
Trading Expectations (UBER) For The Upcoming Trading Day Of Monday 26th
For the upcoming trading day on Monday, 26th we expect Uber Technologies, Inc. to open at $43.14, and during the day (based on 14 day Average True Range), to move between $42.03 and $47.65, which gives a possible trading interval of +/-$1.31 (+/-3.01%) up or down from last closing price. If Uber Technologies, Inc. takes out the full calculated possible swing range there will be an estimated 6.02% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $43.36 (0.05%) than the support at $37.84 (12.69%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Insiders are negative selling more shares than they are buying in Uber
In the last 100 trades there were 72.47 thousand shares bought and 141.02 thousand shares sold. The last trade was made 9 days ago by Chai Nelson who bough 3.46 thousand shares. In general the insiders are selling more stocks than they buy. There can be a variety of reasons for this, but in general it can be considered as a negative signal.
Is Uber Technologies, Inc. stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Uber stock to perform well in the short-term.