Uber rallies - Analysis - 02-11-2022

Economies.com
2022-11-02 09:30AM UTC

Uber Technologies' stock (UBER) rallied in the intraday levels after surpassing earnings forecasts and giving out optimistic outlook for the current quarter, with the stock spiking 11.97% in the last session, or 3.18 points, settling at 29.75, with trading volumes nearing 88 million shares, above 10-day averages of 28 million shares.

 

Technically, the stock surpassed the resistance of the 50-day SMA, shaking off negative pressure and tackling the main downward short-term trend line, with negative signals from the RSI after reaching overbought levels.

 

Therefore we expect more gains for the stock, targeting the resistance of 33.36, provided it settles above 27.75. 

 

Expected trend for today: Bullish

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