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Asset Watch
Thursday, August 3, 2023
The stock remains above its 10-week moving average, and when a breakdown occurred in March, support materialised near the 20-week MA. The short-term pullback in late June/early July also ended near the 10-week MA, so both levels have been solid entry points in 2023.
As a result, $44.04 (the 10-week MA) could be the first line of defence if Uber’s weakness continues. And if a breakdown follows, $39.06 (the 20-week MA) offers an even greater risk-reward proposition, as a market-wide sell-off would likely have to occur for the 20-week MA to falter.
So, is Uber still headed in the right direction, or is its next destination lower?
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