Uber (UBER): Missed the Rally? Here comes new opportunities
It's been a while since we last looked at Uber, and the stock has moved perfectly since then. Uber reacted exactly as expected to our desired area, but unfortunately, we didn’t buy any shares at the time. If you did, congratulations – this position is now up 60.8%!
Shares of rideshare companies Uber Technologies and Lyft surged on Friday, following Tesla's underwhelming Robotaxi reveal. Uber has shifted its focus away from developing autonomous vehicles and is instead concentrating on expanding its marketplace for riders and drivers. This shift has created a robust network effect, making it increasingly difficult for competitors to match Uber's scale, according to a recent report by Business Insider.
Uber’s asset-light business model, which doesn't involve owning or maintaining vehicles, has been financially successful, generating $1.7 billion in free cash flow in the second quarter. Now, Uber has reached a new all-time high, and if we look back at the chart, it's easy to see a clear and powerful pattern. After entering our desired area, Uber made a sharp V-shaped correction, followed by a key level retest. In a short period,
UBER turned bullish, marking a complete turnaround.
We will be closely watching Uber Technologies' upcoming earnings report, scheduled for October 31, 2024. After this event, we’ll update our chart and look for possible new opportunities.
Shares of rideshare companies Uber Technologies and Lyft surged on Friday, following Tesla's underwhelming Robotaxi reveal. Uber has shifted its focus away from developing autonomous vehicles and is instead concentrating on expanding its marketplace for riders and drivers. This shift has created a robust network effect, making it increasingly difficult for competitors to match Uber's scale, according to a recent report by Business Insider.
Uber’s asset-light business model, which doesn't involve owning or maintaining vehicles, has been financially successful, generating $1.7 billion in free cash flow in the second quarter. Now, Uber has reached a new all-time high, and if we look back at the chart, it's easy to see a clear and powerful pattern. After entering our desired area, Uber made a sharp V-shaped correction, followed by a key level retest. In a short period,
UBER turned bullish, marking a complete turnaround.We will be closely watching Uber Technologies' upcoming earnings report, scheduled for October 31, 2024. After this event, we’ll update our chart and look for possible new opportunities.
Professional Trading and Investing Group
Daily Stocks & Crypto Analysis | Daily Bitcoin Updates | Trading Challenges & more
Join us on:
Discord: discord.gg/ftPWbe8MJy
Telegram: t.me/+U7KhRNv61XczZmQ0
Daily Stocks & Crypto Analysis | Daily Bitcoin Updates | Trading Challenges & more
Join us on:
Discord: discord.gg/ftPWbe8MJy
Telegram: t.me/+U7KhRNv61XczZmQ0
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.