Chart of the Week: UBER
This week we are going to be focusing on Uber Technologies; symbol UBER.
You can see here since 2022, early 2023, the stock is up close to 100%. Especially since hitting that 200 day moving average at the end of April, the stock has made a nice series of higher highs and higher lows.
Along the way, we have seen the stock challenging this 20 day moving average. It just continues to create bullish momentum, as the stock continues to find support at that 20 day moving average.
Relative strength has been at a really high level since making that big move at the end of April, early part of May.
Take a look at the indicators over here. The stock has made a nice crossover on the MACD, which is bullish. It’s showing some solid money flow here; the Chaikin money flow is positive.
Volume and price are both very strong
What looks nice is the on-balance volume. This on-balance volume is showing a nice series of higher highs and higher lows. It’s made a new high just a couple of weeks ago on this indicator. This is very strong. It means a huge accumulation of volume. You can see the volume bars down here. It’s been some good volume, What we’ve seen is the nice accumulation volume is what the on-balance volume is telling us.
On the bottom here we have a strong Chaikin money flow. The bottom indicator is showing good positive strength in the Chaikin oscillator. It’s not rising as much as you would think. But right now the stock is moving strong. It’s not seeing a huge amount of volume.
The price action is telling us it doesn’t matter this point in time. What we need to pay attention to is price action. It is a huge breakout here at $47.50-48. I think the stock can get up to $65-70 by the end of the year. I think is a stock that you can see proven. If you buy the pullbacks, you will be rewarded. I do have some calls on UBER, and the stock is doing very well today. And we think there’s more upside to go with UBER.
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