Uber Shares Drop Nearly 10%

FXOpen

In 2024, Uber Technologies (UBER) stock has come under significant pressure, partly due to mounting competition:
→ Tesla is reportedly advancing its autonomous taxi development.
→ Yesterday, Waymo (owned by Alphabet, Google’s parent company) announced plans to train its driverless taxis in Miami in 2025, aiming to launch the service in 2026.

According to Business Insider, Uber and Lyft drivers report that Waymo's autonomous taxis, already operating in Phoenix and other cities, are noticeably impacting their earnings. This seems to exemplify a scenario where humans are being replaced by robots.

What’s Next for Uber Stock?

Technical analysis of UBER's price chart shows the stock remains within a long-term upward channel (indicated in blue), but bearish signs are emerging:
→ The price spike in October to an all-time high resulted in a false breakout of resistance at $82.
→ Late October saw a large bearish gap, sending the price below $76, which then acted as resistance in November.
→ Currently, UBER shares are trading below $68, a key support level since early autumn.

This creates a downward trend on the chart (highlighted by orange lines), threatening to breach the long-term upward trajectory. However, bulls may attempt to leverage support from the lower boundary of the channel to regain momentum.

Analysts remain optimistic. According to TipRanks:
→ 34 out of 36 analysts recommend buying UBER stock.
→ The average 12-month price target for UBER is $93.26.

Buy and sell stocks of the world's biggest publicly-listed companies with CFDs on FXOpen’s trading platform. Open your FXOpen account now or learn more about trading share CFDs with FXOpen.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Stay ahead of the market!

Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.

forex

Share CFD Trading with FXOpen

Share CFD Trading with FXOpen

Experience ECN technology for deep liquidity and light-speed trade execution

  • Trade with tight spreads
  • Take advantage of low commissions
  • Choose from 4 trading platforms: MT4, MT5, TradingView, or TickTrader
Learn more

Latest articles

Market Insights with Gary Thomson: RBA Rates, UK and Canada’s Inflation, Metals, Earnings Reports
Financial Market News

Market Insights with Gary Thomson: RBA Rates, UK and Canada’s Inflation, Metals, Earnings Reports

In this video, we’ll explore the key economic events, market trends, and corporate news shaping the financial landscape. Get ready for expert insights into forex, commodities, and stocks to help you navigate the week ahead. Let’s dive in!

Commodities

Analysis of XAU/USD Chart Reveals Bearish Signals

Today’s XAU/USD chart suggests that gold may be losing its appeal as a safe-haven asset, as increasing media reports of a potential meeting between US and Russian leaders could ease geopolitical tensions.

A sharp decline, indicated by the

Shares

Super Micro Computer (SMCI) Shares Surge 13%

The Super Micro Computer, Inc. (SMCI) stock chart shows:
→ Friday’s closing price rose over 13% from Thursday’s close;
→ The stock has surged more than 80% from its February low;
→ Friday’s close marked the highest level since late

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.