UBER stock (UBER) is breaking out after posting a strong gain, triggering the MarketSmith blue dot on its weekly chart. The S&P line dipped down for the previous week, while UBER’s relative strength line spiked emphatically on Monday. In addition, UBER stock rose 2.8%.
Uber Stock is Breaking Out
UBER stock rose 2.8% yesterday, with earnings flipping to a profit in its most recent report. Analysts estimates have 2024 earnings rising over 175%.
Price action is gaining on above average volume as institutinos accumulate shares.
The weekly gain has added to the right side of a cup base. The stock broke out and hit the 37.68 buy point, another factor in triggering the weekly blue dot.
Uber shares gained over 50% this year so far, outperforming the S&P by a wide margin.
As RS line rises, it is measuring the stock’s price performance vs. the S&P 500. If the stock is outperforming the broader market, then the RS line angles upward. If a stock is performing worse than the broad market, then the line will point lower.
The RS line is the blue line on all IBD Charts as well as in MarketSmith.
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Happy Trading,
Vinny
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