Uber Share Price: Is a Rally Towards $46 Overdue?

Uber share price, which has been smarting from a particularly bad run of form in 2021, comes under review when Uber Technologies Inc releases its earnings report for the quarter. Analysts expect a loss per share of 46 cents versus a loss per share of $1.02 for the same period last year.

Revenues and mobility gross bookings are the key indices being watched this time around. Both are expected to make upward reversals after successively poor numbers in the last few quarters. The earnings call comes up after market hours.  

Earnings from travel companies such as Uber will serve as a barometer for how the travel industry is coping with the the emergence of the coronavirus delta variant. 

Uber is presently trading 2.4% lower as of writing. 

Technical Levels to Watch

Uber share price has violated the 42.05 support, but the break is yet to be confirmed. The price candle needs to close below the 3 August low to confirm the breakout, as this would put the penetration closing price below the support by 3%. This scenario opens the door for a push towards 40.03, leaving 38.01 as an additional downside target.

On the flip side, a bounce arising from a failed breakdown of 42.05 allows the bulls to aim for 43.47. If this resistance is uncapped by mounting bullish momentum, 45.10 and 46.07 could become new targets to the north.

Uber Share Price: Daily Chart

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