Will the Bears Call an Uber?
Uber Technologies rallied sharply between late 2022 and early February, but it could be showing signs of exhaustion.
The first pattern on today’s chart is the price action on February 8. UBER jumped on strong quarterly results but failed to hold early highs. It then swung wildly, creating a potential “hanging man” candlestick. That’s a potential reversal pattern.
Next, that session’s high of $37.58 was 13 cents above its peak from March 22. The stock’s inability to remain above the old high may suggest it is still resistance.
Third, the lower study includes our Moving Average Speed custom script with the 21-day exponential moving average (EMA). Friday’s close pulled the EMA lower. Notice how similar downward shifts in September and December preceded slides in the share price.
Finally, the macro backdrop may not favor UBER because higher interest rates could remain a headwind for growth stocks.
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Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
The first pattern on today’s chart is the price action on February 8. UBER jumped on strong quarterly results but failed to hold early highs. It then swung wildly, creating a potential “hanging man” candlestick. That’s a potential reversal pattern.
Next, that session’s high of $37.58 was 13 cents above its peak from March 22. The stock’s inability to remain above the old high may suggest it is still resistance.
Third, the lower study includes our Moving Average Speed custom script with the 21-day exponential moving average (EMA). Friday’s close pulled the EMA lower. Notice how similar downward shifts in September and December preceded slides in the share price.
Finally, the macro backdrop may not favor UBER because higher interest rates could remain a headwind for growth stocks.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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