When a CEO reaches into his own pocket for $10 million worth of stock, people notice. That's exactly what happened at Uber Technologies Inc. (UBER), where shares rose Friday after CEO Dara Khosrowshahi bought about $10 million of company stock.

The Insider Buying Details

Khosrowshahi purchased 141,000 Uber shares Thursday at a weighted average price of $70.9642, according to a Form 4 filing with the U.S. Securities and Exchange Commission. The shares were bought at prices ranging from $70.73 to $71.18, putting the total transaction value at about $10 million.

That wasn't an isolated move, either. President and Chief Operating Officer Andrew Macdonald picked up 70,000 Uber shares on Sept. 4 for about $5.3 million. Two executives, two sizable buys, one week apart. Insider purchases don't guarantee anything, but they do tend to get traders' attention.

What the Charts Say

Uber's early gain comes as the stock tries to stabilize after a choppy stretch. Shares remain below several widely watched moving averages, making a potential technical rebound a key focus for traders.

At $73.23, Uber trades below its major moving averages. Shares are 4.2% below the 20-day SMA of $76.33 and 3.9% below the 200-day SMA of $76.09. The stock is also 1.2% below its 50-day SMA of $73.95 and 0.8% below its 100-day SMA of $73.65.

Momentum remains weak. MACD is below its signal line, while the histogram is negative. However, the 20-day SMA remains above the 50-day SMA. Meanwhile, the January death cross, when the 50-day SMA fell below the 200-day SMA, continues to weigh on the intermediate trend.

The shares have fallen 23.36% over the past 12 months. The stock's 52-week range is $65.41 to $101.99. Key resistance sits near $78.50, while support is around $67.

UBER Stock Price Activity: Uber Technologies shares were up 0.92% at $73.23 during premarket trading on Friday, according to market data.