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UiPath Stock Price Attempts Breakout Before Making New Yearly Highs

UiPath stock price is trading sideways ahead of its earnings release. However, technical analysis shows that the bulls are attempting a breakout above a key resistance level in order to unlock a major upside.

On Tuesday, NYSE: PATH reversed its Monday gains and slid 1.89% till press time. At the time of writing, the stock of the robotics software firm was changing hands at $18.22, which was just a few points above a major technical level.

The ongoing price action is very interesting as UiPath Inc. is expected to report its earnings on November 30. A breakout before the earnings release would mean that the investors are expecting strong results in the third quarter.

Technical analysis tells us that $18.35 is the only resistance before the price gravitates towards its next resistance around $21.57. However, it is worth mentioning that another rejection from the current level will flip UiPath stock price forecast extremely bearish.

UiPath stock price analysis