Uber - indicators suggest that the stock is heavily overbought. Earnings of average or below could lead to a sell-off

Uber’s shares are currently trading at around $69.95 a share ahead of the company’s earnings tomorrow. The stock is up 1.4% on the day and we can see that it continues to record new all-time highs. Having broken through the previous all-time high of $64.94, now there isn’t any resistance above creating a higher risk when entering the market. Expectations are now high on Wall Street, especially after seeing the reaction to some of the bigger cap companies. Hence, anything average or below may have a negative impact here. The previous key resistance of $64.94 is now acting as support here, so if the price were to fall, bulls would be monitoring to see if the stock can manage to sustain this support from the bears. A break and close below this support could then see a further decline towards $57.15, which would become the next vital support. Looking at the technical indicators, they suggest that the stock is trading in overbought conditions. The MACD is at the highest level it’s ever been and the RSI is reading 78.