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%.
Summary
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.
Join us today in the trading room for our LIVE broadcast during market hours, as we navigate the current environment. Watch, listen, and trade from 9:20 AM to 4:15 PM Monday through Friday.
Happy Trading,
Vinny
Considering joining us as a member? Check details here
Technical Analysis Resources
