Here’s your next ride on $UBER – August 22, 2024
This is Scott McGregor at Scott Trades on Twitter with StockMarketMentor.com and your Chart of the Day. I want to take a look at Uber Technologies ( NYSE: UBER ).
Uber ( NYSE: UBER ) is chopping around a moving average cluster. It has come off of a really nice run here from October-November up until the end of February. It chopped down all the way back under the 200-day moving average and reversed.
I like the fact that this is actually chopping around these moving averages and holding up nicely around these moving averages, though it has been volatile. I definitely think your next ride on Uber ( NYSE: UBER ) could come with a move right above that level right there. That’s just around that 74.50 level. So I think 74.50 or around that zone could be an interesting spot to take a ride on Uber ( NYSE: UBER ).
If it does get above that level, stay above that level, and do it on higher than average volume. Now, we do have the Jackson Hole Symposium coming up tomorrow. We don’t know what the market is going to do, but I like the fact that while this has come sharply off the bottom, it’s consolidated gently coming back into these moving averages.
So these moving averages are definitely either an area of support or an area that you could look at for a pullback buy entry and get a bit of an early entry before that breakout above 74.50. So this is definitely one of many stocks we want to keep an eye on and we will be watching over at StockMarketMentor.com.
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