Uber Up NextAs US earnings season rolls on, Uber is up next to report today. The company has seen its share prices trending steadily lower since the highs printed early last year. The group saw strong performance over the peak of the pandemic with a record surge in food deliveries offsetting the drop in transport. Then as the pandemic eased, food deliveries stayed relatively high while private transport levels increased as consumers sought protection from public transport. However, over much of last year, share prices dwindled with Uber falling from highs around $64 to current lows around $38.Looking ahead to today’s release, the company is expected to report earnings per share of-$0.30 on revenues of $5.346 billion. This would represent a sharp uptick in revenues though a drop in earnings. Given the bearish pressure seen across tech stocks over recent weeks, a miss today could send Uber lower. However, if we see an upside surprise, conditions are ripe for a topside move in Uber. Let’s look at the technicals.Technical ViewsUBERWhile prices have been trending lower over the last year, price action has flattened out recently with price holding along the support level at 33.29. Given the strong bullish divergence between this low and the prior, slightly higher low, this suggests room for a near-term topside reversal. A strong release today might see Uber set off higher with a break of 38.93 targeting 45.16 initially and a test of the channel top with 51.40 the broader target on a channel break.
Source: Tickmill
