Coming back for a re-test of this previous resistance breakout

Taking a look at Uber as it is now pulling back after its breakout above the resistance of $63.96. Currently, its share price is trading at around $68.09 a share in the pre-market session after reaching an all-time high earlier in the year of $82.05. What seems like profit-taking, has led the price to pull back to the previous all-time high resistance, which is now acting as the new key support here. So far, this is simply a resistance to support flip where after a breakout has occurred, the market retraces to test the new support for establishment before moving higher. A break below this support would be a bearish indication and could see the price decline further. In that case, investors would look for support at $56.96 (2024 low). We can see that this week’s candlestick is shaping up for a hammer candle, suggesting that the buyers are now rushing in, however, the week isn’t over yet. It is not guaranteed that the stock will necessarily hit the level of $63.96 but there exists a possibility that it may approach closer to it ahead of the earnings next week. It would be unreliable to point towards any resistance areas until after the earnings, we would prefer to see signs of consolidation around current levels. But a move and close above $71.09 could ignite some bullish momentum. It is important to note the position of the technical indicators as they are suggesting that more downside might be possible. The MACD has crossed below its signal line and falling and the RSI is now in a neutral position as it reads 53. Hence, the near-term outlook seems to favour the bears.