Contextualizing The Relative Weakness in Uber

$UBER

A relative chart of UBER 0.00%↑ to the SPY 0.00%↑ shows that a revisit to familiar level -

The breakout occurred in November ‘23, in line with when the stock broke out to new all-time highs.

UBER 0.00%↑ is down nearly 6% at time of writing, but what’s worth watching is whether this might be a final flush out to the prior breakout level near $64-$65. If it is, we could see both charts above begin to make their reversal. If not, it could be the signal that a longer term breakdown in UBER 0.00%↑ shares may be under way. I’m looking for the dust to settle hear soon to decide which way to play the trade.