Uber Up NextOn the back of a slew of major tech names reporting last week, focus this week shifts to ride hailing technology company (and food delivery technology company) Uber. The group has seen three consecutive quarters of earnings misses and traders and investors alike will be watching today to see if Uber can put an end to its losing streak. If the current rally is anything to by, it would suggest there is some optimism in the market. Uber stock has rallied over 39% from the 2023 opening price, having now reclaimed almost a third of the losses suffered during the decline from 2021 highs.Court Win Boost SentimentLooking at today’s data then, the market is projecting adjusted losses for the quarter of $0.15 per share on revenues of $8.513 billion. This would mark a decent improvement on the prior quarter’s results. Sentiment towards the stock improved sharply recently on the back of Uber winning a court case resulting in the blocking of a proposed rate hike from the New York City Taxi and Limousine Commission which might have cost Uber an extra $22 million per month.Demand Picking UpFalling covid rates and the ongoing pickup in demand after the pandemic looks likely to see Uber’s performance having picked up over the last quarter. Seasonal demand around the holidays should also help lift Uber’s results. Traders will be keen to hear the outlook for the current quarter as well as Uber’s view on downside risks to it and the US economy moving through 2023.Technical ViewsUberThe rally in Uber shares this year has seen the stock breaking above the bear trend line from 2021 highs as well as through the 28.29 and 33.29 resistance levels. With momentum studies firmly bearish, the focus is on further upside while 33.29 holds as support, putting focus on 38.93 as the next upside target for bulls.
