Send me real-time posts from this site at my email

Has Uber Technologies Inc.($UBER) Bottomed and Ready to Rally?

Has Uber Technologies Inc.($UBER) Bottomed and Ready to Rally?

August 11, 2022 By EWFTaha

Good day Traders and Investors. In today’s article, we are going to take a look at the Elliott Wave path in Uber Technologies Inc. ($UBER).

Uber Technologies, Inc. ($UBER) is an American mobility service provider, allowing users to book a car and driver to transport them in a way similar to a taxi. It is based in San Francisco with operations in approximately 72 countries and 10,500 cities in 2021. Its services include ride-hailing, food delivery (Uber Eats), package delivery, couriers, freight transportation, electric bicycle and motorized scooter rental via a partnership with Lime. Uber does not own any vehicles, but receives a commission from each booking. Fares, which vary using a dynamic pricing model based on local supply and demand at the time of the booking, are quoted to the customer in advance.

Uber Elliottwave latest view (Daily):

The Daily Chart above shows the cycle from March 2020 low unfold in a 5 waves structure. It peaked on February 2021 at $64.05 and started the decline to correct against March 2020 low. The decline so far has unfolded in an ABC structure showing 5 swings in ((A)). The bounce then broke above the RSI channel favouring it to be the connector in ((B)). The stock then extended the decline in ((C)) in another 5 swings to reach the Blue box extreme area at $22.92 – $6.81 where buyers appeared and started a bounce higher. The cycle from the peak has ended. Momentum has been strong since the bounce breaking RSI channel on the Daily. As long as price remains above 06/30/2022 low at $19.90 the low can be in and the stock is favoured to keep extending higher.

Elliott Wave Forecast

We cover 78 instruments in total, but not every chart is a trading recommendation. We present Official Trading Recommendations in the Live Trading Room. If not a member yet, Sign Up for Free 14 days Trial now and get access to new trading opportunities. Through time we have developed a very respectable trading strategy. It defines Entry, Stop Loss and Take Profit levels with high accuracy.

Welcome to Elliott Wave Forecast!


Welcome! Is it your First time here?

What are you looking for? Select your points of interest to improve your first-time experience:

Apply & Continue