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      UBER Nearing Key Support After Breaking Down From $93 Dollars

      Published: just now

      UBER Nearing Key Support After Breaking Down From $93 Dollars

      After a powerful rally that peaked at $93.60 in mid-May, UBER has pulled back sharply, now resting near the $81.50 mark. The decline appears orderly, with price respecting key structural zones defined by volume and anchored VWAP levels.

       

      While there’s a chance for a bounce around current levels, a deeper retest into the 38.2% Fibonacci retracement at $80.98 could potentially offer a high-probability setup.

       

      This level aligns with both a high-volume node and an anchored VWAP — forming a triple confluence zone. If price wicks into this area and rebounds, it could mark a strong reaction point in the short-term.

       

      Technical Breakdown of UBER 1D Chart

       

      The sell-off has brought price into a zone of support between $80.69 and $81.88, where we see:

       

      • A high volume node (HVN) during the leg up from April to Mid-May
      • Confluence with the 38.2% Fibonacci retracement
      • Price approaching the lower bound of an anchored VWAP that began from the April rally

       

      Visual content

       

      Should this level fail to hold, the next major area of interest lies deeper — the Golden Pocket zone between $72.66 – $73.54, which aligns with the 61.8% Fib retracement.

       

      Not out the woods — Resistance Right Overhead

       

      A bounce here would be good news — but, it’s undeniable that we have stiff resistance overhead between $85.40 – $86.40, marked by a HVN and several other confluences:

       

      • Anchored VWAP resistance sits at $86.63
      • Point of control (POC) and a high volume node around $85.77
      • Sellers stepped in aggressively here during the most recent attempt to reclaim higher ground

       

      There’s a possibility we could range between the HVNs until a clear breakout occurs, giving us a reversal signal (Support HVN breaks), or continuation signal (Resistance HVN breaks).

       

      You may also be interested in:

      ISM Weakness Deepens: What It Means for SPY and the Market’s Next Move

       

      DISCLAIMER: For educational purposes only. Trading comes with substantial risk, leading to possible loss of your capital. Traders are advised to do their own due diligence before investing.

      Alchemy Markets is a multi-asset brokerage providing retail traders with the same elite trading conditions, tools, and transparency typically reserved for institutions.

      This content may have been written by a third party. LiquidityFinder makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplies by any third-party. This content is information only, and does not constitute financial, investment or other advice on which you can rely.
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