Shares in Uber Technologies (UBER) lost ground Monday but were 澳洲幸运5官方开奖结果体彩网:still near record highs after investors saw little threat to rideshare companies from Tesla's (TSLA) highly anticipated澳洲幸运5官方开奖结果体彩网: robotaxi unveiling last week.

Tesla revealed its long-awaited Cybercab autonomous vehicle and a larger Robovan at an event last Thursday evening. Analysts pointed out that the electric vehicle maker provided little in the way of details, with no specific business model to indicate how the new lineup of autonomous vehicles would eventually compete with companies such as Uber and Lyft (LYFT).

Since the start of the year, Uber shares have climbed nearly 40%, in part from its own foray into robotaxis. In recent months, the company has announced partnerships with General Motors' (GM) self-driving car company Cruise, Alphabet’s (GOOGL) autonomous vehicle business Waymo, and startup Wayve.

Uber stock was down 1.6% at $85 in mid-🥃afternoon trading Monday. The stock hit an all-time ಞhigh of $87 on Friday and finished the session 11% higher.

Below, we take a look at the 澳洲幸运5官方开奖结果体彩网:technicals on Uber’s chart and🐟 identify important price levels worth watching out for.

Inverse Head and Shoulders

Uber shares carved out an 澳洲幸运5官方开奖结果体彩网:inverse head and shoulders pattern on the chart between May and September, with the stock’s price decisively breaking out above the pattern on Fri༒day. 

Importantly, the move occurred on the highest 澳洲幸运5官方开奖结果体彩网:trading volume since early May, signaling buying activity by large♕r market participants. 

Moreover, the 澳洲幸运5官方开奖结果体彩网:relative strength index (RSI) confirms bullish price momentum with a reading above 70, but also cautions 澳洲幸运5官方开奖结果体彩网:overbought conditions that open the door to short-term p𝔍rofit taking.

Let’s take a look at a chart-based upside 澳洲幸运5官方开奖结果体彩网:price target and locate three important 澳洲幸运5官方开奖结果体彩网:support levels likely to attract attention.

Chart-Based Price Target to Monitor

We can project a price target using the 澳洲幸运5官方开奖结果体彩网:measuring principle, helping us determine an area on the chart where investors may decide to 澳洲幸运5官方开奖结果体彩网:lock in profits.

To do this, we calculate the distance from the inverse head and shoulders head to neckline and add that amount to the breakout point.

For instance, we add $19 to $74, which forecast﷽s a bullish target of $93, representing upside of around 8% from Friday’s close.

Watch These Important Support Levels

During an initial pullback, investors should keep a close eye on the $81 level, where the shares could garner support near three prior peaks that formed on the chart from February to March, an area that also closely aligns with the low price of Friday’s 澳洲幸运5官方开奖结果体彩网:breakaway gap.

A failure to hold this level could see the stock decline to around $74, a location on the chart where investors who prefer not to chase 澳洲幸运5官方开奖结果体彩网:breakouts may look for buying opportunities near the inverse head and should🌄𒈔ers pattern’s neckline.

Finally, further selling could lead a decline to the $68 area, were the shares may encounter support around a 澳洲幸运5官方开奖结果体彩网:horizontal line co🌜nnecting a range of comparable trading levels ꧃on the chart between May and September.

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