The Bulls May Be Riding with Uber

NYSE:UBER   Uber Technologies, Inc
One by one, tech stocks have battled off their lows as investors return to growth names. It’s happened in Tesla , DoorDash, Roku and Advanced Micro Devices . Now Uber Technologies may be joining the club.

The ride-sharing giant is doing all kinds of interesting things with its moving averages. First, it’s been holding support along its rising 200-day simple moving average ( SMA ). Next, UBER is trying to break resistance at its falling 50-day SMA .

Third, its 8-day exponential moving average ( EMA ) just rose above the 21-day EMA . That, combined with the SMA activity, suggests longer-term bullishness is overcoming intermediate-term bearishness.

Also consider the price action since UBER’s drop on May 6. The stock quickly rebounded and held the $48-49 support area that’s taken shape since late November.

Turning to the weekly chart, we find that a bullish outside candle just formed:

Finally, MACD has been accelerating for more than a month.

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