Bringing your attention back to $UBER – September 19, 2023
This is Scott with your Chart of the Day. I want to bring your attention back to Uber ( NYSE: UBER ).
For the last couple of days here Uber ( NYSE: UBER ) has been pulling back to support. And it found it today right around this red line, that’s the 50-day moving average. I love it when stocks bounce off the 50-day moving average and do it on higher-than-average volume, which is exactly what we had here today.
I told our members at StockMarketMentor.com that Uber ( NYSE: UBER ) is looking pretty good. I actually think it is actionable here today, as long as you have a stop under that 50-day moving average. I would watch Uber ( NYSE: UBER ) for some continuation.
Every time, in the past, when it bounces off the 50-day moving average you usually get a little bit of a follow-through. I don’t know if that is going to be 1 day like it was over here, or 2 days like it was over here. This is definitely a stock that I want you to keep an eye on. I would probably have an alert on this, right around that 47.75, maybe 48.00 level depending on the open tomorrow, And then look for a strong follow-through, coming on higher than average volume.
I really like that when it did pull back, it was pulling back pretty sharply but it was pulling back on just average volume. So it wasn’t a big selloff, it was just more like a natural reaction, or a natural consolidation. So Uber ( NYSE: UBER ) should definitely be on your watch list, it’s on ours over at StockMarketMentor.com.
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