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Asset Watch
Thursday, November 9, 2023
The horizontal gray line shows how Uber ended the session above its November 2020 and July 2023 closing highs, which are near $49.50. Furthermore, the area acted as key support in early 2021, as intramonth dips were bought until a breakdown occurred in July 2021.
What’s more, following the July 2021 breakdown the 10-month moving average became a major player. It acted as resistance en route to new lows. In contrast, the 10-month MA is now support, and Uber bounced near the level in April and October 2023. Consequently, $41.30 should hold unless a recession arrives.
So, if Uber’s acceleration continues in the days ahead, will the breakout elicit a rally back above $60?
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