Uber (UBER) traded mixed Friday after reporting its first earnings report as a public company. Shares rose about 1.75% to $40.50 in midday Friday trading. The action comes as U.S. equities try to shake off another dynamic to the escalating trade war, with major indices lower by about 1%.

It’s worth pointing out the stock market’s big drop, particularly as Uber stock is trading higher so far on the day. Many weren’t sure what to expect from the ride-hailing giant, given investors’ less-than-enthusiastic welcome and with Lyft’s (LYFT) major underperformance since going public.

Despite the company beating estimates, with a loss of $2.26 per share narrower than estimates calling for a loss of $2.37, Uber lost $1 billion in the quarter. That certainly stings although it was about in-line with what was expected. Revenue of $3.09 billion was ahead estimates as well, growing 20% year over year and topping estimates of $3.08 billion.

So what do we make of the company’s solid sales growth and big losses? So far, the market is accepting it, albeit somewhat reluctantly. Uber stock is still below its initial public offering price of $45, a level investors will certainly be watching if and when shares approach this mark.

Let’s look at the charts to see if it can do just that.

Trading Uber Stock

The post-IPO action has been disappointing, to say the least. In its first day of action, Uber stock tagged its $45 IPO price and quickly retreated. After dropping below $37 — the day after it went public, no less — investors quickly bid the name back up and are at least keeping it north of $40, about 10% below the IPO price.

As if this type of action isn’t disappointing enough, it comes after the company already priced its public offering more conservatively than it had planned.

What now? Friday’s range is really interesting as the stock bounces between a key set of retracements. Essentially, Uber stock is bouncing between its 38.2% and 61.8% Fibonacci retracements. A break of either one will likely create a continuation trade in that direction.

For instance, if Uber stock can hurdle the 61.8% retracement near $41.60, it open up a test of $43 and a potential retest of the IPO price at $45. A break of the 38.2% retracement near $39.50 puts $37 on the table and a potential retest of its 52-week lows.

With new-issue companies, setting up a trade range can be rather difficult since we have little price history to work with. That’s true with Uber stock as well. However, it helps that the stock is trading higher on earnings, not lower, and doing so amid a tough day on Wall Street.

Further, it has other obstacles in the way. For instance, the eight-day moving average and channel resistance (blue line) are keeping shares in check as is the 50% retracement near $40.50.

For Uber to work on the long side, $39.50 first has to hold as support. Preferably for bulls, Uber stock will be able to muster up a close north of $41.60 in the coming days and set up a run to higher prices. Below $39.50 support though and shares look destined to go lower.