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UBER STOCK RISES ABOVE MA5 ON RATING UPGRADES - Capital Street FX

20-Mar
19:49 IST

Uber Technologies Inc. stock is currently trading at 22.30-higher by 8.81% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 9.81%. The stock has pared all of its earlier gains after the opening bell.

Financial services company Wells Fargo upgraded the ride-hailing company’s stock. The financial services company upgraded Uber Technologies’ rating to overweight from Equal-weight. Wells Fargo upgraded the ride-hailing giant’s stock as it believes the company’s value may remain tied to growth trends that will play out long after the virus-driven disruptions reduced. The financial services company is optimistic about rising smartphone penetration and the potential for more people to shift spending from car ownership to ride-hailing.

Wells Fargo was also encouraged by Uber’s update call on the prior day that provided information on how the ride-hailing giant is faring amid disruption caused by a coronavirus. The financial services company cut its price target on ride-hailing giant’s stocks to $41 from $45. Stocks of Uber have surged 38% on Thursday after the business-update call. Stocks of the ride-hailing company have fallen about 25% Year-to-date.

On the technical front, the RSI is currently at 37.2% and suggests that the market can move in the upward direction. The current price is above the MA5. The current price is below the middle line of the Bollinger Bands but is heading upwards.

Overall Bias is Positive and short-term trades can be initiated with tight Stop Loss and Profit targets.

 

TRADE SUGGESTION- LIMIT BUY AT 22.20 TAKE PROFIT AT 24.00 STOP LOSS AT 21.30

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