• UBER price is currently trading at $45.91
• UBER is in bullish sentiment and making higher highs.

UBER formed a promising double bottom pattern in September 2022 and successfully broke out of this pattern around February 2023. Following the breakout, the stock entered a consolidation phase, holding firmly above the neckline at $30.40. This price level became a critical support, establishing a bullish sentiment.

With substantial buying activity, UBER’s stock price started moving in a series of higher highs, reflecting a strong uptrend. However, the current price faces resistance at $48.92, leading to some rejection. If the momentum that began in May maintains its strength, a potential breakout above the $48.92 resistance could lead to further gains. In such a scenario, UBER may target the resistance levels at $51.84 and $60.56.

On the other hand, if the bullish rally weakens, a retracement to the $40.00 support level becomes possible. Interestingly, the 0.5 Fibonacci retracement level from the recent low swing to the recent high swing aligns with the $40.00 support, adding further significance to this level as a potential retracement target.

The 50 EMA (yellow line) is at $43.41 and the 200 EMA (red line) is at $36.38. UBER stock is trading above both the EMAs as of now and they are both trending in an upward direction, which indicates the ongoing bullish sentiment in the market.

The relative strength index (RSI) at 51.75 indicates that UBER’s stock price is currently in a neutral territory, with both bulls and bears exerting pressure. If the RSI finds support around the 50 level and starts moving upward, it suggests that buyers are gaining strength, potentially leading to a breakout of the $48.92 resistance level. This could signal a bullish move in the stock price.

However, if the RSI drops below the 50 level, it implies that sellers are becoming dominant, and the stock price might face downward pressure. In such a scenario, the price could retreat to the $40.00 support level, as mentioned earlier.

The bollinger bands’ expansion indicates high volatility at the current level. This means that there is active participation from both buyers and sellers, resulting in significant price fluctuations.

SuperTrend is indicating that UBER stock is still under the control of buyers as the price is still trading above the green line. If the price closes below the green line, then it would indicate bearish sentiments. 

Conclusion

The overall market structure of UBER stock remains bullish, indicating a positive trend. However, the current price level suggests a state of equilibrium, with both buyers and sellers actively participating in the market. This situation often leads to either a breakout, continuing the upward trend, or a small retracement before further price movement.

To make informed investment decisions, traders should exercise patience and wait for clearer signals. The Supertrend and EMA indicators support the bullish sentiment, reinforcing the positive market structure. On the other hand, the RSI and Bollinger Bands are currently showing neutral readings, indicating a lack of strong momentum in either direction.

Technical levels

Resistance levels:$48.92 and $51.84

Support levels: $40.00

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.