Uber Shares Rise 1.72% As Technicals Show Strength Near Key 94 Resistance

Uber Technologies (UBER) shares closed at $93.63, rising 1.72% in the latest session. The stock continues to consolidate near recent highs following a significant recovery from mid-2024 lows. Below is a technical assessment synthesizing key methodologies without visual chart recreation.
Candlestick Theory
Recent sessions display consolidation characteristics, with the July 3 candle closing near session highs but forming an upper shadow at $94.11. This rejection coincides with the June 26 peak ($94.38), establishing $94.00–$94.50 as immediate resistance. Support manifests at $92.60–$92.80, validated by consecutive intraday bounces on July 1–3. The June 24 bullish engulfing pattern (covering the prior three sessions) initiated the current uptrend, with consolidation above $92.50 suggesting underlying strength.
Moving Average Theory
The 50-day MA ($85.20) crossed above the 100-day MA ($80.75) in mid-June, confirming a bullish medium-term structure. Both remain above the ascending 200-day MA ($77.03), reinforcing the primary uptrend. Current price ($93.63) trades 9.9% above the 50-day MA, indicating extended short-term momentum. The tightening spread between the 50-day and 100-day MAs (4.45-point gap) may precede consolidation, though the Golden Cross configuration remains supportive.
MACD & KDJ Indicators
The MACD histogram shows narrowing bullish momentum since late June, with the signal line flattening near zero. While still positive, this divergence may reflect near-term exhaustion. KDJ oscillators exhibit mixed signals: The K-line (72) and D-line (68) are moderately elevated, but J-line (80) approaches overbought territory. Neither shows decisive bearish crossovers, suggesting trend continuation potential absent breakdowns below key supports.
Bollinger Bands
Price consistently tests the upper band ($93.90), reflecting strong upside bias. Band width contracted notably before the June surge, signaling volatility compression that typically precedes directional moves. Current bandwidth remains elevated, supporting trend sustainability. A close below the 20-period moving average (central band, $89.75) would signal deterioration, but current positioning favors upside continuation if resistance near $94 is breached.
Volume-Price Relationship
The June 24 rally (+7.52%) occurred on 38.9M shares – the highest volume since early February – validating breakout conviction. Subsequent gains saw diminishing volume, typical of consolidation phases. Recent pullbacks (July 1–2) occurred on below-average volume, suggesting limited distribution. The current advance requires volume expansion above the 20-day average (22M shares) to confirm breakout sustainability.
Relative Strength Index (RSI)
The 14-day RSI (65) resides in neutral territory, avoiding overbought (>70) concerns observed in late June (RSI 77). Current readings allow room for additional upside. The absence of bearish divergence (price highs aligning with RSI highs) supports trend health. Oversold conditions (<30) last occurred in early May during the $58–$65 basing phase.
Fibonacci Retracement
Using the March 2024 high ($76.70) and May 2024 low ($58.48): The 61.8% retracement ($94.13) precisely aligns with the July 3 high ($94.11) and June 26 peak ($94.38), establishing critical resistance. The 50% level ($92.60) provided intraday support on July 1–3. A sustained break above $94.13 targets the 78.6% retracement at $98.60. Key downside confluences include the 38.2% level ($88.90), aligning with the 50-day MA and June swing highs.
Confluence & Divergence Notes
Strong confluence exists at $92.60–$92.80 (50% Fib, recent swing lows, psychological support). A breakdown here may trigger profit-taking toward $89.75 (20-period MA). Notably, the MACD momentum divergence contrasts with RSI’s neutral alignment, warranting caution if price stalls near $94 resistance. Volume inconsistency during consolidation remains the primary concern for trend sustainability, though the absence of distribution patterns and healthy RSI readings provide underlying support.