Stock

Uber finds key support at $30, sets for upward momentum. Buy and hold

Uber Technologies Inc. (NYSE:UBER) announced that it is working with New York City Taxis in order to meet the surging demand. The announcement comes at a time when the stock has been under pressure.

As technology stocks gained, Uber has been declining, pointing to waning investor confidence in the stock’s valuation. As the company starts recording growth in demand, the stock may once again start gaining.

Uber trading just above the $30 key support

Source – TradingView

Uber at $34 is trading slightly above the key support level of $30. The price started reversing the pattern as soon as it hit the support. The support level coincides with the RSI 30 indicator of oversold security.

Over the last two weeks, price movements have shown the stock-building momentum to rise above 30. We think that the bullish momentum will be maintained into the foreseeable future, pushing the price up.

The stock will maintain a valuation between $30 and $48 for the next few weeks. For the patient investor, Uber at $34 is, therefore, a buy-and-hold. We project that upward price traction will be influenced by two factors.

First, the price will be supported by growth in the business. Second, the price will be propped up by the general market movements which signal recovery from the recent downward pressure.

Summary

Uber is a buy-and-hold at a price of $34. The price is close to a key support level of $30. The stock can be expected to gain towards a high of $48 in the coming few weeks. Price movements will benefit the patient investor.

The post Uber finds key support at $30, sets for upward momentum. Buy and hold appeared first on Invezz.

Disclaimer: MonopolyWinnersUpdates.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 MonopolyWinnersUpdates.com. All Rights Reserved.

To Top