Stock Traders Daily says UBER is not giving new buy signals anymore

December 04, 2023, 12:33 pm ET, BY Thomas H. Kee Jr- Editor, Stock Traders Daily| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)

Stock Traders Daily suggests that Uber (NASDAQ: UBER) stock has been offering buy signals since the stock tested its lower longer term support level months ago, but the most recent buy signal surfaced just a few days ago when the stock moved above its then longer term resistance level.  That level is 55.87, and it is now converted support.

UBER offered a buy signal days ago, and there is no associated sell signal yet in the chart patterns, but the stock is also too far away from that trigger point to peroperly control risk, should the postion move against trade, so there are no new buy signals in UBER either.  UBER does not currently have any longer term resistance levels.

This can change, and the technicals will likely adjust, but for now there are no new buyasignals, and no upside targets, because the stock is breaking out. 

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Longer Term Trading Plans for UBER

• Buy UBER slightly over 55.87 target n/a stop loss @ 55.71. Details

The technical summary data tells us to buy UBER near 55.87, but there is no current upside target from the summary table. In this case we should wait until either an update to the summary table has been made (which usually happens at the beginning of every trading day), or until the position has been stopped. The data does tell us to set a stop loss 55.71 to protect against excessive loss in case the stock begins to move against the trade. 55.87 is the first level of support below 60.555, and by rule, any test of support is a buy signal. In this case, if support 55.87 is being tested, a buy signal would exist.

• NONE . Details

NONE .
There are no current resistance levels from the summary table, and therefore there are no Short resistance Plans which tell us to short upon tests of resistance. Resistance levels have broken higher and unless the stock reverses lower and below support levels again short positions look risky.

Swing Trading Plans for UBER

• Buy UBER slightly over n/a, target n/a, Stop Loss @ 0 Details

If n/a begins to break higher, the technical summary data tells us to buy UBER just slightly over n/a, with an upside target of n/a. The data also tells us to set a stop loss @ 0 in case the stock turns against the trade. n/a is the first level of resistance above 60.555, and by rule, any break above resistance is a buy signal. In this case, n/a, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.

• Short UBER slightly near n/a, target 57.63, Stop Loss @ 0. Details

The technical summary data is suggesting a short of UBER if it tests n/a with a downside target of 57.63. We should have a stop loss in place at 0 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, n/a, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.

Day Trading Plans for UBER

• Buy UBER slightly over n/a, target n/a, Stop Loss @ 0 Details

If n/a begins to break higher, the technical summary data tells us to buy UBER just slightly over n/a, with an upside target of n/a. The data also tells us to set a stop loss @ 0 in case the stock turns against the trade. n/a is the first level of resistance above 60.555, and by rule, any break above resistance is a buy signal. In this case, n/a, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.

• Short UBER slightly near n/a, target 57.63, Stop Loss @ 0. Details

The technical summary data is suggesting a short of UBER if it tests n/a with a downside target of 57.63. We should have a stop loss in place at 0 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, n/a, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.

UBER Ratings for December 04:

Term →	Near	Mid	Long
Rating	Strong	Strong	Strong
P1	0	0	46.62
P2	56.51	56.6	51.26
P3	57.49	57.63	55.87

Support and Resistance Plot Chart for UBER

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