Uber Shares Drop Nearly 10%

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.