TECHNICALS:
Uber has formed a bullish ascending triangle and is sitting at a very strong resistance level at around 28.50 (solid blue line).
It is in breakout territory and if it passes this resistance it could mean a rally to test the 33.50 level then 40.50
A good risk/reward setup.
FUNDAMENTALS:
Yes, the underlying fundamentals are bleak at the moment with Uber's core business model being ride-sharing, yet their food delivery service is expected to be booming due to the COVID-19 stay at home orders. Keep in mind, once the pandemic slows and business starts to go back to normal, Uber's ride-sharing will pick up and likely resume back to normal. Therefore, this is still a good long term play for investors, especially those looking to buy Uber at a discount.
Uber has formed a bullish ascending triangle and is sitting at a very strong resistance level at around 28.50 (solid blue line).
It is in breakout territory and if it passes this resistance it could mean a rally to test the 33.50 level then 40.50
A good risk/reward setup.
FUNDAMENTALS:
Yes, the underlying fundamentals are bleak at the moment with Uber's core business model being ride-sharing, yet their food delivery service is expected to be booming due to the COVID-19 stay at home orders. Keep in mind, once the pandemic slows and business starts to go back to normal, Uber's ride-sharing will pick up and likely resume back to normal. Therefore, this is still a good long term play for investors, especially those looking to buy Uber at a discount.