UiPath stock price is trading sideways ahead of its earnings release. However, technical analysis shows that the bulls are attempting a breakout above a key resistance level in order to unlock a major upside.
On Tuesday, NYSE: PATH reversed its Monday gains and slid 1.89% till press time. At the time of writing, the stock of the robotics software firm was changing hands at $18.22, which was just a few points above a major technical level.
The ongoing price action is very interesting as UiPath Inc. is expected to report its earnings on November 30. A breakout before the earnings release would mean that the investors are expecting strong results in the third quarter.
Technical analysis tells us that $18.35 is the only resistance before the price gravitates towards its next resistance around $21.57. However, it is worth mentioning that another rejection from the current level will flip UiPath stock price forecast extremely bearish.
