Uber surges - Analysis - 03-08-2022

Uber's stock rallied after reporting a loss in the second quarter, however earnings rose by double the forecasts, with positive net cash flow for the first time, sending the stock 18.90% higher, or 4.65 points, and settling at 29.25, with trading volumes surpassing 108 million shares, above 10-day averages of 34 million shares. 

The stock was boosted after leaning on the support of the 50-day SMA, lending it positive momentum that helped it pierce the short-term downward trend line, with positive signals from the RSI.

Therefore we expect more gains for the stock, targeting the first resistance at 34.30, provided it holds above 26.70.

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Expected trend for today: Bullish