Is $UBER Ready to ride? – August 21, 2023
This is Scott with your Chart of the Day. Let’s take a look at Uber ( NYSE: UBER ).
Uber ( NYSE: UBER ) is holding in and around the 50-day moving average here. Now, that is typically what strong stocks do, and Uber ( NYSE: UBER ) has been strong since May. We had, what looks to be, an earnings gap, holding the 50-day moving average, some follow through to the upside, and it has since trended along these moving averages.
But over the last couple of days, it has had its real first test of the 50-day moving average since the breakout. I am interested in Uber ( NYSE: UBER ) here because it is holding in and around. I don’t think just because a stock is near the 50-day moving average it makes it a buy. But I want to pay attention to stocks that are near that moving average because I know a lot of institutions pay attention to the 50-day moving average.
The ranges that I think are important on Uber ( NYSE: UBER ) right now are down here at around that 43.00 level. And then up here, at around that 45.30 zone. So I want to see if the stock can break out above 45.30 and do it on higher than average volume. And ideally, close above and tell us that not only is the stock holding around the 50-day moving average, but buyers are definitely going to support it if comes back down.
So this is a stock that I definitely have on a watch list right now and I think it makes sense for you to put this one on your list too and look for an actionable trade above that 45.30 level.
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