Uber Technologies Inc (UBER) is a leading technology developer and operator for the ridesharing and meal delivery business. The stock is sinking lower today by 7.24% to $47.48 a share after reporting earnings. Traders should note that the stock actually peaked on February 11, 2021 at $64.05 a share. Since that top, the stock has been making lower highs on the chart and is now testing its 200-day moving average. A break below this key moving average should signal further weakness ahead for the popular ride-sharing stock.
Traders should now watch the $40.00 area for major chart support. This level is where the stock broke out in early November 2021. Often, prior breakout levels will serve as excellent support when retested. There is also a major retrace level in play around this same level adding strength to this support area.
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