Uber- Technical Analysis
Disclaimer: I don’t own shares of UBER.
The below analysis is not a trading or investment recommendation & is only for learning purpose.
• Price is under the short term 20 period & long term 200 period moving averages.
• Price & RSI show an unconfirmed bullish divergence. Confirmation of this divergence is obtained through price closing above the
trendline & sustaining itself above the trend line.
• Immediate resistance points seems to be the 20MA, the intersection of price & the trendline shown in the chart, the most recent
pivot at $26.69 & the 200MA
• Immediate support is around $20.16 which is the most recent low.
• Price closing below $20.16 could trigger another round of downward movement.
• Volume increase has been seen around the recent lows made by price but the stock needs to see more of such high bouts of volume
to end the downward path & sustain it’s upward journey.
• An important development to look out for would be for the recurrence of hidden bearish divergence.
• The most recent hidden bearish divergence has been shown using dotted arrows on price & RSI.
• Hidden bearish divergence occurs when price continues to make new lower highs in a downtrend but RSI at the corresponding
price levels makes a higher high.
• Hidden bearish divergence is usually a trend continuation signal. Since the existing trend in this chart is downwards, hidden
bearish divergence tells us that the downward move hasn’t probably come to an end yet.
• Please exercise caution & always respect support & resistances for establishing stop losses while trading.
Good luck, make money!
The below analysis is not a trading or investment recommendation & is only for learning purpose.
• Price is under the short term 20 period & long term 200 period moving averages.
• Price & RSI show an unconfirmed bullish divergence. Confirmation of this divergence is obtained through price closing above the
trendline & sustaining itself above the trend line.
• Immediate resistance points seems to be the 20MA, the intersection of price & the trendline shown in the chart, the most recent
pivot at $26.69 & the 200MA
• Immediate support is around $20.16 which is the most recent low.
• Price closing below $20.16 could trigger another round of downward movement.
• Volume increase has been seen around the recent lows made by price but the stock needs to see more of such high bouts of volume
to end the downward path & sustain it’s upward journey.
• An important development to look out for would be for the recurrence of hidden bearish divergence.
• The most recent hidden bearish divergence has been shown using dotted arrows on price & RSI.
• Hidden bearish divergence occurs when price continues to make new lower highs in a downtrend but RSI at the corresponding
price levels makes a higher high.
• Hidden bearish divergence is usually a trend continuation signal. Since the existing trend in this chart is downwards, hidden
bearish divergence tells us that the downward move hasn’t probably come to an end yet.
• Please exercise caution & always respect support & resistances for establishing stop losses while trading.
Good luck, make money!
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