Ichimoku Watch: Uber Bearish Signals Ahead of Earnings
Upcoming Earnings
Uber Technologies, Inc. (ticker: UBER) is scheduled to report earnings before the market opens on 6 August. The consensus EPS estimate for the fiscal quarter ending June 2024 is $0.31. The reported EPS for the same quarter a year prior was $0.18.
Early Downtrend; Further Selling?
Between mid-2022 and March 2024, Uber was entrenched in a robust uptrend, consisting of dominant higher highs and higher lows. However, subsequent price action has seen sellers take the lead and explore lower levels; Friday witnessed a strong downside gap, forging a fresh lower low and reaffirming an early downtrend. If further selling is seen and support from $57.32 is cleared, trendline support, extended from the low of $23.90, could be tested.
Overhead, resistances are seen at $60.58 and $63.60, alongside the area formed between the Ichimoku’s Conversion Line (blue at $63.12) and the Base Line (red at $66.13). The Conversion Line crossed below the Base Line at the end of July, helping to confirm a bearish downtrend. The Ichimoku Cloud, formed between the Leading Span A (light green at $64.62) and the Leading Span B (light orange at $66.13), also forms a resistance zone worth watching (note that the Leading Span A crossing below the Leading Span B is also considered a bearish trend signal). Finally, the Ichimoku’s Lagging Span (dark green at $58.99) is below price action, another bearish trend signal!
Price Direction?
The early downtrend and the broad bearish signals from the Ichimoku Indicator suggest the stock could take out support from $57.32 and run for trendline support.
Uber Technologies, Inc. (ticker: UBER) is scheduled to report earnings before the market opens on 6 August. The consensus EPS estimate for the fiscal quarter ending June 2024 is $0.31. The reported EPS for the same quarter a year prior was $0.18.
Early Downtrend; Further Selling?
Between mid-2022 and March 2024, Uber was entrenched in a robust uptrend, consisting of dominant higher highs and higher lows. However, subsequent price action has seen sellers take the lead and explore lower levels; Friday witnessed a strong downside gap, forging a fresh lower low and reaffirming an early downtrend. If further selling is seen and support from $57.32 is cleared, trendline support, extended from the low of $23.90, could be tested.
Overhead, resistances are seen at $60.58 and $63.60, alongside the area formed between the Ichimoku’s Conversion Line (blue at $63.12) and the Base Line (red at $66.13). The Conversion Line crossed below the Base Line at the end of July, helping to confirm a bearish downtrend. The Ichimoku Cloud, formed between the Leading Span A (light green at $64.62) and the Leading Span B (light orange at $66.13), also forms a resistance zone worth watching (note that the Leading Span A crossing below the Leading Span B is also considered a bearish trend signal). Finally, the Ichimoku’s Lagging Span (dark green at $58.99) is below price action, another bearish trend signal!
Price Direction?
The early downtrend and the broad bearish signals from the Ichimoku Indicator suggest the stock could take out support from $57.32 and run for trendline support.
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