Stock of the day: Uber

Today’s stock of the day is Uber Technologies, viewed on the H4 chart, where the overall structure remains clearly bearish.

The dominant trend is to the downside, although there is one minor bullish element. Price managed to break above a green downtrend line. However, this breakout lacks momentum and follow-through. There was no meaningful continuation to the upside, which makes this signal weak and unreliable.

On the bearish side, the signals are much stronger. First, we have a false breakout above the blue resistance. Price briefly moved higher but quickly returned below this level. This type of move strengthens the importance of the resistance and confirms that sellers are defending it effectively.

Second, price has recently bounced off the upper boundary of a flag formation, marked with red lines. This is a classic bearish continuation pattern. The rejection from the upper line confirms that sellers remain in control and that the structure is intact.

With these factors combined, the bearish scenario remains dominant. The natural target in this setup is the lower boundary of the flag. A move toward that level is the most probable outcome in the near term.

If the price breaks below the lower line of the flag, it would confirm continuation of the downtrend and open the door for further losses.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-uber-3