Uber Technologies, Inc. (UBER) is consolidating on Thursday after a steep decline, and the technical picture suggests this isn't over yet.

Here's what's happening: Uber has broken through support, which is typically a bearish signal. It's a classic case of supply and demand gone wrong for shareholders.

When more people want to sell a stock than buy it, prices fall. Sellers start undercutting each other, dropping their asking prices to attract the shrinking pool of buyers. The buyers, sensing desperation, sit back and wait for even better deals.

Support levels are where this dynamic usually stops or at least pauses. At support, there's enough demand to absorb all the selling pressure. Sellers can offload shares without having to slash prices because buyers are actually showing up. The decline halts, and sometimes stocks even rally from these levels.

For Uber, that support level was $82. Since June, the stock bounced off this price multiple times. Why? Some buyers got impatient. They didn't want to risk losing their chance to other bidders, so they started paying up. This competitive buying pushed the stock into short-lived uptrends.

But now that support has broken.

When support breaks, it reveals something important: the buyers who created that floor have either completed their orders or canceled them entirely. Either way, they're gone. And when buyers disappear, sellers face a problem.

To attract new buyers back into the market, sellers will need to drop their prices again, undercutting each other in the process. This dynamic suggests Uber's decline may have more room to run. The $82 level that once provided a safety net is now in the rearview mirror, and without that support, the path of least resistance points lower.