Uber Technologies Inc. (UBER) has been stuck in a sideways trading range since early December. UBER did make a new high in February, but prices failed to follow-through on the upside. In our last review of UBER on Jan. 12, we wrote that, "The charts and indicators of UBER remain bullish and pointed higher. Trade it from the long side risking to $47. $62 and the round number of $100 are the potential price objectives." Now that our $62 price target has been reached we should reexamine the charts.
In this daily Point and Figure chart of UBER, below, we can see a potential upside price target in the $81 area. A trade at $50 could weaken this chart.