Stock of the day: Uber

In today’s stock of the day, let’s turn to Uber, which is showing a very clean bullish setup.

For months, Uber had been coiling inside an ascending triangle pattern that started at the beginning of May. This type of structure, defined by a steady horizontal resistance and a rising dynamic support line, often suggests that buyers are slowly gaining strength. True to form, Uber finally broke to the upside. The price pierced through the upper line of the formation and confirmed the breakout by closing the day on fresh long-term highs.

This breakout marks a proper buy signal. As long as the stock holds above the broken resistance — now acting as support — the bullish sentiment remains intact, with potential for further gains ahead. Of course, no setup is bulletproof. A daily close back below the blue support would cancel the bullish scenario and trigger a signal to sell, but for now, that outcome looks less likely.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-uber-2