Million

Resistance

Billion

Rise

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>Uber Technologies stock closed at $46.51 while observing a gain of 2.56% during the last intraday trading session.</a> </li> 
 <li> <span>2</span> <a>The year-to-date return of Uber Technologies is 83.33% while the three-month return is 24.03%</a> </li> 
 <li> <span>3</span> <a>Uber Technologies ( NYSE: UBER) stock’s 52-week price range is around $29 – $49.</a> </li> 
</ul> 
<p>Uber stock has been on a strong upward trend since the beginning of May 2023 after the announcement of the first quarter financial results. The stock soared from the low of $29 and reached a yearly high of $49.</p> 
<p>The bulls faced a strong resistance near $49 which stopped the upward move and was also influenced by the release of the second quarter results. On August 1, 2023, Uber announced the second quarterly report and managed to beat the earnings per share estimates but fell short of the revenue estimates.</p> 
<p>Moreover, the Uber stock estimated EPS for Q2 ’23 was negative 0.01 but the reported EPS was positive 0.18 and gave a positive surprise of 1572.15%. Moreover, the forecasted EPS for the next quarter is positive 0.07.</p> 
<p>The chief financial officer of Uber Technologies, Nelson Chai, in the last three months, sold a quarter of its UBER shareholding in the ride-hailing company. Nelson Chai (CFO) dumped nearly about 100,000 shares, worth $4.5 Million. Moreover, one more individual sold 15,644 shares worth $0.65 Million, which sums up the count to 115,644.</p> 
<p>The consensus expected the revenue to be $9.339 Billion but it turned out to be $9.23 Billion (reported revenue), a negative surprise of $108.8 Million. This created a negative sentiment in the market and the Uber stock price dropped to form a support near $43.</p> 
<h2 class="wp-block-heading" id="strong-technical-analysis-of-uber-stock-price-in-1-d-timeframe-strong"><strong>Technical Analysis of UBER Stock Price in 1-D Timeframe</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh4.googleusercontent.com/txUMj3f4l-HkKs-3PMESq8xISM4KOeKOpR31kBj5x2py5AVjxSA0gcgFfqdZDk9O4bb9XoeP4rIAIQad0Y5thsrn5AB2oHrvUYpdGDJx4lkeG1B6hwC0bF_LLlVXBmxmA48aV7sI85lcJ1pTsqfAHIM" alt="Uber Stock Forecast: Can (NYSE: UBER) Stock Rise Back to $50?"> 
  <figcaption class="wp-element-caption">
    Source: UBER.1D.NYSE by TradingView 
  </figcaption> 
 </figure> 
</div> 
<p>The price action for UBER stock showed that during the bulls’ run the price ascended by making streaks of break of structures also higher highs and lows. Moreover, to ascend upwards Fibonacci levels of 61.80% and 50.00% helped the price to sustain and the price is following trendline support effectively and rising.</p> 
<p>At press time,<a href="https://www.thecoinrepublic.com/2023/08/18/uber-stock-price-slides-down-after-q2-2023-earnings-report/" rel="noopener noreferrer nofollow"> UBER stock price</a> was $46.51 with an intraday minor gain of 2.56% trading above the major EMAs, showing positivity on the charts. Moreover, the intraday trading volume of UBER is 19.869 Million higher than the 10-day aggregate volume of 17.31 Million.</p> 
<p>Earlier, the stock price was stuck in a narrow consolidation zone ranging between $43 and $45 but bulls pushed the prices above $45, there is a possibility for the price to head toward the next resistance level with an annual high of $49.&nbsp;</p> 
<p>Conversely, if the price breaks below the $42 major support level, it might decline toward $39.</p> 
<p>At the time of publishing, Uber Technologies. (NYSE: F) is trading above the 20, and 50 EMA. RSI is around 58 in bullish territory. MACD is above the zero line and a bullish crossover is noticed.</p> 
<h3 class="wp-block-heading" id="strong-summary-strong"><strong>Summary</strong></h3> 
<p>The market structure and price action of Uber Technologies were bearish earlier due to the revenue estimate in the second quarter results. The stock price has risen above $45 to regain bullish momentum and if sustains then might potentially shatter the annual high of $49. Technical parameters also support the rise in bullish momentum. Uber Technologies (<a href="https://www.thecoinrepublic.com/2023/08/18/uber-stock-price-slides-down-after-q2-2023-earnings-report/" rel="noopener noreferrer nofollow">NYSE: UBER</a>) stock prices are bullish on the 1-D time frame. The traders and investors also indicate positive and buying sentiments</p> 
<h3 class="wp-block-heading" id="strong-technical-levels-strong"><strong>Technical Levels</strong></h3> 
<ul> 
 <li><strong>Support levels</strong>: The nearest support levels for UBER price are $42 and $39.</li> 
 <li><strong>Resistance levels:</strong> The nearest resistance levels for the Uber stock price are $47 and $49.</li> 
</ul> 
<h4 class="wp-block-heading"><strong>Disclaimer</strong></h4> 
<p>In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.</p>

Uber Stock Forecast: Can (NYSE: UBER) Stock Rise Back to $50?

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