The Bulls May Be Riding with Uber
One by one, tech stocks have battled off their lows as investors return to growth names. It’s happened in Tesla, DoorDash, Roku and Advanced Micro Devices. Now Uber Technologies may be joining the club.
The ride-sharing giant is doing all kinds of interesting things with its moving averages. First, it’s been holding support along its rising 200-day simple moving average (SMA). Next, UBER is trying to break resistance at its falling 50-day SMA.
Third, its 8-day exponential moving average (EMA) just rose above the 21-day EMA. That, combined with the SMA activity, suggests longer-term bullishness is overcoming intermediate-term bearishness.
Also consider the price action since UBER’s drop on May 6. The stock quickly rebounded and held the $48-49 support area that’s taken shape since late November.
Turning to the weekly chart, we find that a bullish outside candle just formed:
Finally, MACD has been accelerating for more than a month.
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The ride-sharing giant is doing all kinds of interesting things with its moving averages. First, it’s been holding support along its rising 200-day simple moving average (SMA). Next, UBER is trying to break resistance at its falling 50-day SMA.
Third, its 8-day exponential moving average (EMA) just rose above the 21-day EMA. That, combined with the SMA activity, suggests longer-term bullishness is overcoming intermediate-term bearishness.
Also consider the price action since UBER’s drop on May 6. The stock quickly rebounded and held the $48-49 support area that’s taken shape since late November.
Turning to the weekly chart, we find that a bullish outside candle just formed:
Finally, MACD has been accelerating for more than a month.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
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