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Home Economy Uber Surges 5% after Tesla’s Delay Signals
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Uber Surges 5% after Tesla’s Delay Signals

by October 15, 2024
by October 15, 2024 0 comment
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Uber Surges 5% after  Tesla’s Delay Signals

Uber Technologies (NYSE: UBER) saw its shares move up 5% in the premarket on Friday after Tesla’s Robotaxi event, which is below par with investors’ expectations. The financial company Jefferies, through its analysts, has described Tesla’s plans of having a self-driving taxi, telling the story in a positive light for Uber.

Tesla (NASDAQ: TSLA) has recently presented its brand new “Cybercab” and is also going to run the full self-driving hardware on Model 3 and Model Y vehicles by the year 2025. Yet, the authentic rollout of Cybercab, the Tesla robotaxi, should be in 2027. Uber, the autonomous vehicle (AV) market leader, has been given a prolonged timeline to exploit it to maximize its advantages. That is good news, especially for the near future.

Uber’s key position in the strategy is certainly well supported by its capability to aid AV developers with fleet management, pricing strategies, and local regulations. Citi analysts second this optimism, by indicating Tesla’s explanation of their long-term vision as one of the reasons why  market participants gave an expression of confidence in Uber’s stock.

Moreover, Uber has other links with other firms, for example, its cooperation with Waymo in places like Austin and Atlanta is a big advantage in the autonomous driving race. These alliances will also give the company an additional tailwind when scaling its operations globally.

Because it has such a large network of drivers and millions of users per month (MAPCs) who access the platform, Uber will be in a favourable position to benefit from the progressing move to self-driving cars. That’s why the investors are extremely optimistic about it.

Uber Technologies (NYSE: UBER) Stock Analysis

At Uber Technologies, Inc. (NYSE: UBER), we’ve seen a positive momentum with the stock now trading at $ 77.89, that is 0.59% higher (or +$0.46). From a quick overview of the 15-minute chart, it’s noticeable that the stock has been quite steady in the last few sessions by finding backing around the $77.00 level and testing the $78.00 level.

Firstly, on October 8th, the stock price fell to its lowest point, $75.00, but it soon gained a lot of buyers. Since then, Uber has been moving in a narrow range from $77.00 to $78.00. In the session today, there was an abnormal increase in volume as 179.16K share turnover occurred, so the stock is close to the 78.00 resistance level, indicating a high interest. This rise in volume, alongside the current price action, signals that a breakout above $78.00 could be on the horizon. If Uber clears this level with continued strong buying, it may push higher towards the $80.00 mark. However, if the stock struggles to break $78.00, we could see some consolidation or a pullback to around $76.50.

We think the stock can become a good deal for buying if Uber climbs over $78.00 due to high volume. For a more conservative investment strategy, buying a stock only after it goes down to $76.50 support may be a wiser decision.

Hycroft Mining Holding Corporation (HYMC) Stock Chart Analysis

So, today, we saw a little improvement with Hycroft Mining Holding Corporation, whose (HYMC) stock market moved up by 0.40% and closed at $2.48. It opened at $2.47 and hit the high of $2.48, besides the low of $2.47, with a trading volume of 2.47K shares. One of the interesting features of the week’s trading activity is that, although it has been a downer, there has been a small recovery.

Earlier this week, HYMC’s share price fell from over $2.60 to under $2.40. Therefore this small gain might be a symbol of some stability. On the contrary, the inventory is still limited, which implies that most of us are holding off for a better perspective before it could start increasing its strength above the $2.50 threshold.

At the present time, which sees many stock markets swinging in a big fashion, we should handle HYMC with a lot of care. A lot of selling pressure hit the stocks recently, and while today’s trading seems positive, this might not be enough for the complete recovery. A critical analysis of the situation and studying the volume trend very closely will be important things in what is to come.

The post Uber Surges 5% after Tesla’s Delay Signals appeared first on FinanceBrokerage.

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