Short-Term Uber Price PredictionWelcome 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.
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
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