UBER at risk while below 81.51-83.62

While below the 81.51 to 83.62 area, Uber Technologies (UBER) is at risk for a sustained breakdown from a May-December topping pattern that would suggest deeper downside into the low 60s (pattern count and chart supports) and potentially toward 57-54 (rising 200-week moving average and August 2024 low). If UBER stabilizes and reclaims its broken support, the pattern would shift back to range-bound vs. toppy with resistance from 87.94 (40-week moving average) to 91.18-93.60 (chart levels and 26-week moving average).

A May-September bearish divergence (down arrow) and a November breakdown for UBER relative to the S&P 500 preceded this potential bearish breakdown on UBER's absolute price chart (lower panel of Chart 1 below).

Chart 1: Uber Technologies (UBER) (top) and relative to the S&P 500 (bottom)