Uber represented a quarterly reporting on 9 February. The situation is characterized by the whole current season of American companies’ reporting: the results of the past quarter are better than market expectations, future expectations are worse.
Publication of data on inflation was the additional negative influence: 7.5% instead of 7.3% expected. Uber as an IT company is under the most pressure expecting growth of interest rates.
The reaction to reporting release allowed the price to reach the upper Bollinger band which was followed by a fall. By the currently moment, the movement has reached the middle Bollinger bands at 37.5. The formed “bearish engulfing” pattern has to continue the fall.
Targets of sellers are 34.3 and the January maximum of 32.75.
This content is for informational purposes only and is not intended to be investing advice.
