A triangle pattern has formed in the chart of Uber Technologies (NYSE:UBER). The stock will break out of this pattern at some point, and a breakout or a breakdown is expected. Read more to learn how to take advantage of this setup.A triangle pattern has emerged in the chart of Uber Technologies (UBER). At some point the stock will break out of this pattern, and a breakout or a breakdown is expected.
UBER is a technology provider that matches riders with drivers, hungry people with restaurants and food delivery service providers, and shippers with carriers. The firm's on-demand technology platform could eventually be used for additional products and services, such as autonomous vehicles and delivery via drones.
The company’s delivery business has been performing quite well as online order volumes have been surging. It’s plans to acquire alcohol delivery service Drizly also bodes well for future growth. In addition, UBER’s cost-cutting initiatives are supporting its bottom line.