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UiPath Stock Price Attempts Breakout Before Making New Yearly Highs

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Written By: Abdullah Sarwar

Nov 21, 2023, 19:22 GMT 19:22

Summary:

UiPath stock price is trying to breakout above the $18.35 resistance. A breakout may result in a surge toward $21.57.

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.

NYSE: PATH Chart

This post was last modified on Nov 21, 2023, 19:22 GMT 19:22

Written By: Abdullah Sarwar

Abdullah Sarwar is a blockchain analyst and a cryptocurrency investor with more than 5 years of experience. He specializes in providing crypto price projections based on their fundamentals and price charts. He is also a successful day trader. He graduated in 2015 with a degree in electronic engineering. In his free time, he loves listening to electronic music and playing with trading bots.