Up 30% since the start of the year, Uber Technologies Inc (NYSE:UBER) stock isn't trading too far from its March 4 record high of $82.14. Last seen at $80.22, UBER is seeing minimal price movement in today's session. However, there is reason to believe the stock could continue higher, given its setup.
Uber stock's recent highs come amid historically low implied volatility (IV), as its Schaeffer's Volatility Index (SVI) of 32% ranks in the low 6th percentile of its annual range.
According to Schaeffer's Senior Quantitative Analyst Rocky White, UBER seen five signals over the past five years when it was trading within 2% of its 52-week high, while its SVI sat in the 20th percentile of its annual range or lower, as is currently the case. The stock was higher one month later after 80% of these signals, averaging an 6.8% gain. A move of similar magnitude would overtake the stock's current all-time highs.
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