Shares of Uber Technologies Inc (UBER) are breaking above resistance. The ride sharing company was kept artificially low into year end because of tax loss selling. This is where investors sell their few losers to offset major profits, thus paying a lower tax bill. This creates heavy selling pressure into year end but also means there are very few sellers in January. The stock was up over $1.00 yesterday (the first trading day of the new year) and nicely green on the second (with markets slammed). Look for upside on Uber Technologies to $34.00 then $36.00 in the near term The current price of UBER is $31.11.
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