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Uber Technologies, Inc. (NYSE: UBER) broke the potential $60 resistance amid growing bullish bets. The stock traded at $62, its highest since March 2021, shy of its record $64 as of February 2021. But Uber buyers are not yet done, as analysts believe the stock has more than 20% upside potential.Oppenheimer and Fox Advisors are optimistic that Uber can proceed to the $75 price. Citi analysts hold a similar view, maintaining a bullish sentiment on the ride-hailing stock. Citi sees strong Uber fundamentals, citing multiple expansions and favourable momentum in the internet sector. Analysts tracked by TipRanks are a little conservative, holding an average target of $64.79 for the stock. However, bullish ratings have high forecasts of as much as $76. Uber’s robust ratings are fundamentally backed up. The stock gains followed stock market news that Uber was joining the S&P 500. The inclusion is positive for Uber as it makes the stock accessible to more investors and funds. However, the inclusion only added fuel to a stock that was already attracting bullish interest. Year-to-date, Uber is up nearly 150%. The gains contradict a more than 50% stock hit in 2022 as the company rode in the unprofitability territory. Uber was also at the mercy of bears as leadership and driver rights issues caused impasses. As recent stock performance shows, the company is now seemingly out of the woods.The company had a stellar 2023. In Q1, trips rose to a quarterly high of 2.1 billion. The revenue rose 49% to $8.6 billion (₤6.75 billion), higher than estimates. During the earnings call, Uber said it expects a record year. The view was reinforced by a positive net income in Q3, compared to a loss in the last year. Favourable performance and growth are expected when Uber reports Q4 results early next year. As Invezz reported, key innovations support the growth, with recent S&P news expected to be a further boost. But will the positive stock trajectory continue per analysts’ estimates?

BER technical analysis – a key hurdle at 64?
Source – TradingViewUber’s technical analysis reveals signs of a stock expected to continue delivering gains. Volume indicators show bullish interests. The RSI indicates the domination of buyers on the stock, with momentum remaining strong above $60. However, the possibility of Uber hitting $75 rests on whether buyers will win the technical battle at $62-$64. The stock has slowed slightly at this level, which held it back in 2021. As such, Uber’s price may face a correction before further progression. Consensus estimates supporting the $64 average target on TipRanks also reinforce the view. On the contrary, a successful breakout at $64 will set Uber to a new record price.

Summary
Uber stock is bullish, but sentiment may change as the price reaches a crucial resistance above $60. A potential correction looms, but momentum is strong enough to force a breakout. A $75 analyst target is realistic as Uber remains fundamentally strong. Buying Uber is recommended on a correction or after a breakout.More By This Author:SEC Postpones Decision On Two Ethereum ETFs – Celestia And Inqubeta Prepare For Notable Leap
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