UBER closes lower for the 3rd day in a row
Uber Technologies, Inc. (UBER) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving lower for the 3rd day in a row, UBER ended the week -2.39% lower at 39.66 after losing $0.43 (-1.07%) today, significantly underperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Closing below Thursday's low at 40.00, the share confirmed its breakout through the prior session low after trading up to $1.30 below it intraday.
Daily Candlestick Chart (UBER as at Feb 14, 2020):
Friday's trading range has been $1.61 (4.02%), that's slightly above the last trading month's daily average range of $1.42. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently just the same than usual for UBER.
After trading down to 38.70 earlier during the day, the market bounced off the key technical support level at 38.99 (S1). The failure to close below the support could increase that levels importance as support going forward. When prices bounced off a significant support level the last time on February 7th, UBER actually lost -1.53% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for Uber. Out of 17 times, UBER closed higher 70.59% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 58.82% with an average market move of 3.35%.