Welcome to PrimeXBT’s technical analysis of the Uber, the ride-sharing company that recently launched the largest IPO of the year.
News and Fundamental Analysis:
This year was a year filled with many high-value IPOs buzzing around the investment industry. The company’s revenue is expected to grow by over 60%, helping it top the list of IPOs with a substantial investment of $8.1 billion.
This month, the company released its annual safety report, outlining any incident data and explaining the steps taken to ensure the safety of drivers and passengers using the ride-share service.
Technical Analysis:
Uber stock price chart technical analysis suggests that the trend may soon be shifting for Uber, as the asset appears to have formed a falling wedge – which is typically a bullish reversal pattern.
The top of the bullish chart pattern is being tested and is in the midst of potentially breaking out of the formation with a target zone around $32 per share.
Further adding credence to the possible reversal, the Relative Strength Index on Uber charts reached as low as 26 in late November and has been on a steady rise since, even despite price making a short pullback before again trending higher.
The price action combined with the indicator staying strong has formed a bullish divergence, which often indicates that a trend reversal is forming from bearish to bullish, and an uptrend could soon follow.
However, until a breakout is confirmed, remember to be cautious and to use proper risk management tactics to prevent any losses from unexpected market movements.
Share your thoughts about this trade idea in the comments below, and remember to stay tuned to PrimeXBT for future technical analysis news, updates, and more.
News and Fundamental Analysis:
This year was a year filled with many high-value IPOs buzzing around the investment industry. The company’s revenue is expected to grow by over 60%, helping it top the list of IPOs with a substantial investment of $8.1 billion.
This month, the company released its annual safety report, outlining any incident data and explaining the steps taken to ensure the safety of drivers and passengers using the ride-share service.
Technical Analysis:
Uber stock price chart technical analysis suggests that the trend may soon be shifting for Uber, as the asset appears to have formed a falling wedge – which is typically a bullish reversal pattern.
The top of the bullish chart pattern is being tested and is in the midst of potentially breaking out of the formation with a target zone around $32 per share.
Further adding credence to the possible reversal, the Relative Strength Index on Uber charts reached as low as 26 in late November and has been on a steady rise since, even despite price making a short pullback before again trending higher.
The price action combined with the indicator staying strong has formed a bullish divergence, which often indicates that a trend reversal is forming from bearish to bullish, and an uptrend could soon follow.
However, until a breakout is confirmed, remember to be cautious and to use proper risk management tactics to prevent any losses from unexpected market movements.
- Support Zone: $25.58—28.25
- Resistance Zone: $30.15 – 32.30
- Market Cap: $48,530,000,000 USD
- Volume (24h): $21,036,137 USD
Share your thoughts about this trade idea in the comments below, and remember to stay tuned to PrimeXBT for future technical analysis news, updates, and more.
Trade active
Trade active:
It almost reached the target zone
Trade active
Trade closed: target reached