UBER stock price surged 15% (approx.) in the last week and recovered the losses of October 2023. It held the $40.00 support and took a sharp U-turn.
The stock price began to recover by forming higher candles and managed to climb above the 50-day EMA.
Uber Technologies stock witnessed a massive increase in buying volume and prices also skyrocketed. It indicates some big players might have already taken long positions ahead of Earnings.
UBER stock price continues the uptrend and is trading near the 52-week high. Previously, in August and mid-September, buyers of the UBER shares attempted to break the $50.00 hurdle. But every time prices reach near $50.00 sellers become active and restrict the upward momentum.
This will be the third attempt by the UBER stock investors. If they succeed then the stock may provide good returns to its investors by the end of 2023.
The recent upmove in the stock looks reliable and powerful because it is supported by high volume. However, the quarterly earnings are near so it will be interesting to see how prices react in coming sessions.
Will UBER Stock Price Breakout $50 After Q3 Results?
UBER stock price defends the 200-day EMA support and showed a surprising recovery in the last week. In the coming week, buyers need to give the follow-up momentum or hold the recent gains to show its dominance.
Uber Technologies Inc. scheduled the Q3 earnings on November 7, 2023. Analysts predicted an EPS of $0.071 and revenue of $9.539 Billion. If UBER reports better earnings as compared to analyst predictions, then the stock price may hit a new YTD high.
Moreover, it will also increase the probability of a $50.00 breakout. On the other hand, if a company disappoints in Q3, then short-term profit booking may trigger.
The Volatility in Uber Technologies Stock Price May Rise
Uber Technologies stock investors seem to be in a celebration mode and bulls are returning back to track.
The next direction depends on Q3 earnings, so the volatility in the stock may rise due to which a fake breakout may also come. Therefore, investors need to be careful and wait for the confirmation of a $50.00 breakout for building fresh long bets.
UBER stock performed well last week so it may spend some time in consolidation for price stability. So, it’s better to wait and watch how prices react to earnings than make informed decisions.
Conclusion
UBER stock price surged approximately 15% in the last week and managed to close the price above the 50-day EMA. However, the prices are near a 52-week high which may act as a resistance level for bulls.
The Q3 earnings of Uber Technologies Inc. are scheduled in the coming week so it is likely to decide the next short-term direction.
Technical levels
- Resistance levels: $49.57 and $52.42
- Support levels: $44.60 and $40.51
