Show

Resistance

<ul class="list-ic vertical">
 <li><span>1</span> <a>UBER stock price surged 0.56% in the last session and currently trades at $42.96.&nbsp;&nbsp;</a></li>
 <li><span>2</span> <a>The Uber stock daily chart illustrates the formation of a double-top pattern near the $50 level.&nbsp;&nbsp;</a></li>
 <li><span>3</span> <a>Uber stock price slipped below the 50-day EMA indicating bearish dominance in the short term.&nbsp;</a></li>
</ul>
<p>Uber Technologies Inc. (UBER) stock price suffered rejection near the $50 level and declined after forming a double-top pattern. The stock price closed the week at $42.96 with a loss of 6.24%. The stock price fell below the 50-day EMA indicating sellers’ dominance in the short term.&nbsp;</p>
<p>Moreover, the stock price seems to have entered a correction phase. The $50 level has become a major resistance. The bulls need to surpass the $50 level in order to keep the long-term trend on the positive side.</p>
<p>Talking about the lower side, the $40 level is a rebound level and may act as a major support level as it hasn’t been tested yet. Also, the 200-day EMA is present near the lower levels that may act as a dynamic support. The price may hover between the upper and lower levels.&nbsp;&nbsp;</p>
<p>Uber Technologies Inc. engages in the development of technology applications and transportation. The company offers ride and delivery services among others. It holds a market cap of $87.79 Billion. The daily volume received is less than the average 10-day volume indicating weakness in the stock price.</p>
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/0220NinK-YXEqDK3AOIskRcLc37mjjBzIYzewEdL1vAy9eATOILW5mPOfUb89kJWmNqXZ6MbHU0XpMr7-uJpPQCfyBBbDCMUWkMNBUpK2mdvPIQu4ZqLinxz0CQzfVkL4gMI9T7iTbY7ZUMCnWkVksE" alt="Uber Stock Price Slides Below 50-day EMA: time to Hold or Exit?">
  <figcaption class="wp-element-caption">
   &nbsp;Source: barchart.com
  </figcaption>
 </figure>
</div>
<p>UBER stock option-chain analysis states that the current implied volatility in the market is 52.76% with an increment of 0.69% in the last trading session. The at-the-money strike has an OI of 2,920 on the PUT side and 133 on the CALL side indicating the domination of buyers at the CMP.&nbsp;</p>
<h2 class="wp-block-heading" id="strong-uber-stock-price-shows-formation-of-descending-triangle-strong"><strong>UBER Stock Price Shows Formation of Descending Triangle</strong></h2>
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/wj7qpYFWBrBazou6IV7MPPVx_DrEj2TFi17SAkktIHdED5N8c8Sw5LsWEPNdo7Agx_e8Z9jjzhkbygdgILuKfxKD0uMsrgndYY7NWIaUTtE2EFC0DIDDdF1YeWKQuCcezyIqkT2JrUszPn0He4xSnR8" alt="Uber Stock Price Slides Below 50-day EMA: time to Hold or Exit?">
  <figcaption class="wp-element-caption">
   Source: Uber&nbsp; 1D. NYSE By <a href="https://www.tradingview.com/x/3wB4g70u/" rel="noopener noreferrer nofollow">TradingView</a>
  </figcaption>
 </figure>
</div>
<p>The <a href="https://www.thecoinrepublic.com/2023/10/07/uber-stock-gains-as-the-company-enters-package-returning-business/" rel="noopener noreferrer nofollow">Uber stock</a> price currently trades at $42.96 with a gain of 0.56% on Friday. The stock price has slipped below the 50-day EMA and might decline more to reach near the $40 level.&nbsp;<br><br>The lower levels have the support of a 200-day EMA making it a strong support zone. The stock may bounce from the lower levels and may surge till the resistance levels.</p>
<h3 class="wp-block-heading" id="strong-technical-indicators-show-sideways-trend-strong"><strong>Technical Indicators Show Sideways Trend&nbsp;</strong></h3>
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/ek3nUy5rhpR9CfaboqC1oeq0tr_d9ssVD6tH6lS3qldQoMi7osJwWGO6wWBME7U-c9RvgtOndoMA75IoU9CFa6plm7kSgwyiPL5YFEjXWZE6lWsddnMHmYd-qwR4eHbnEezuOVCYSkvOyBvKbj9BXU8" alt="Uber Stock Price Slides Below 50-day EMA: time to Hold or Exit?">
  <figcaption class="wp-element-caption">
   Source: Uber&nbsp; 1D. NYSE By <a href="https://www.tradingview.com/x/3wB4g70u/" rel="noopener noreferrer nofollow">TradingView</a>
  </figcaption>
 </figure>
</div>
<p>The daily UBER stock price chart shows that the price slipped below the 50-day EMA but hovers above the 200-day EMA; indicating a neutral to bullish trend in the long term. At press time, the RSI lines are showing frequent crossover of the SMA line indicating a volatile and sideways trend prevailing in the market.&nbsp;</p>
<p>The overall technical opinion rating including RSI and MACD signals a 24% “buy” with the weakest short-term outlook on maintaining the current direction.</p>
<h3 class="wp-block-heading" id="strong-conclusion-strong"><strong>Conclusion</strong></h3>
<p>UBER stock price has declined after facing resistance at $50 and is now forming a double-top pattern. The price fell below the 50-day EMA, indicating a short-term bearish trend. The price may correct further to reach the $40 level which is a major support zone along with the 200-day EMA.&nbsp;</p>
<p>The price may bounce back from the lower levels and resume its long-term bullish trend if it breaks above the $50 level. Uber Technologies Inc. is a technology and transportation company with a market cap of $87.79 Billion.</p>
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4>
<ul>
 <li><strong>Support levels:</strong> $41.72 and $38.72</li>
 <li><strong>Resistance levels:</strong> $45.29 and $49.08</li>
</ul>
<h4 class="wp-block-heading"><strong>Disclaimer</strong></h4>
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.&nbsp;</p>

Uber Stock Price Slides Below 50-day EMA: time to Hold or Exit?

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