UBER stuck within tight trading range
Uber Technologies, Inc. (UBER) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
UBER finished Wednesday at 37.66 edging higher $0.19 (0.51%), outperforming the S&P 500 (-0.46%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (UBER as at Sep 16, 2020):
Wednesday's trading range has been $1.13 (3.02%), that's slightly below the last trading month's daily average range of $1.39. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently just the same than usual for UBER. Prices continued to consolidate within a tight trading range between 37.08 and 38.52 where it has been caught now for the last three trading days.
One bearish candlestick pattern matches today's price action, the Shooting Star. The last time a Shooting Star showed up on June 5th, UBER lost -0.35% on the following trading day.
Prices are trading close to the key technical support level at 37.37 (S1). After having been unable to move lower than 37.27 in the prior session, the share found buyers again around the same price level today at 37.39.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "High close to previous High" stand out. Its common bearish interpretation has been confirmed for Uber. Out of 76 times, UBER closed lower 50.00% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 50.00% with an average market move of -1.05%.