Uber is most likely approaching a cycle degree end with a massive leading diagonal structure. The price might get higher than $100 or even close to $150, and it will look like an impulse, but most likely that would a long-term top. Uber is facing maximum pressure from robotaxi competitors and higher labor costs. Even with the recent Uber deal, it might be a little too late for Uber to reinvent the wheel. Even though tariffs do not have direct impact for Uber's core business, the overall economic downturn may significantly impact Uber and Uber eats business.
This count will be wrong if Uber price starts to make highs above $150, specially above $230. But, that is a long way away and the macro structure is anything but impulsive. In the short-term, looking for higher highs as weekly RSI keeps dropping. The drop after the final top will be pretty vicious, if the entire structure is in fact a diagonal. Until then, Uber is a good candidate for quick swing trades.
This count will be wrong if Uber price starts to make highs above $150, specially above $230. But, that is a long way away and the macro structure is anything but impulsive. In the short-term, looking for higher highs as weekly RSI keeps dropping. The drop after the final top will be pretty vicious, if the entire structure is in fact a diagonal. Until then, Uber is a good candidate for quick swing trades.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.