Trade of the Day – Uber Technologies, Inc. (NYSE: UBER) April 11, 2023 158
Trade of the Day
Uber Technologies, Inc. (NYSE: UBER)
(Current Price: US$31.74) – TECHNICAL BUY
Buy price: US$31.74 Stop loss: US$30.00
Take profit 1: US$33.00 Take profit 2: US$37.40
The price could break out of a downtrend channel after finding a double bottom at the US$30 level. The Moving Average Convergence Divergence (MACD) technical indicator also displayed a positive crossover recently, signalling bullish momentum.
The price could head to the first resistance at US$33.00, which was a recent horizontal resistance level last month.
It could then head to the next resistance level at US$37.40, confluent with significant swing highs formed in February this year and March last year.
Expected timeline of the trade is 4-8 weeks from the date of report issuance.
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Featuring regular TA posts and requests to analyse specific stocksAbout the author
Zane Aw
Technical Analyst
PSR
I analyze the stock market and conduct technical analysis to provide investment recommendations. I look forward to having a conversation with you in our in-house seminars and presentations to identify good risk-reward trading strategies together. I graduated from Nanyang Technological University with a Bachelor of Accountancy (Honours).