The recent price action for NYSE:UBER has been characterized by a series of red candlesticks, indicative of sustained selling pressure, followed by the formation of a doji candlestick, signaling indecision or a weakening bearish momentum. Today, NYSE:UBER closed with a strong bullish green candle, well above the midpoint of the previous red candlesticks, suggesting a potential reversal.
Furthermore, a MACD crossover has occurred, indicating a possible buy signal. This is supported by the RSI, which dipped below 30—highlighting oversold conditions—and is now recovering, further reinforcing the case for bullish momentum. Given these technical indicators, I believe this is an opportune time to initiate a position in NYSE:UBER. With the stock demonstrating the potential to break its previous resistance level, which could now serve as a new support line, it is reasonable to anticipate that NYSE:UBER may test the next resistance level around the $73 mark.
Furthermore, a MACD crossover has occurred, indicating a possible buy signal. This is supported by the RSI, which dipped below 30—highlighting oversold conditions—and is now recovering, further reinforcing the case for bullish momentum. Given these technical indicators, I believe this is an opportune time to initiate a position in NYSE:UBER. With the stock demonstrating the potential to break its previous resistance level, which could now serve as a new support line, it is reasonable to anticipate that NYSE:UBER may test the next resistance level around the $73 mark.
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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.