Don’t fall for Uber’s trick, instead play nice and wait for it’s Treat. Yesterday, Uber didn’t gain like most of the market did. Instead, Uber faked a close under 20 DMA but bounced upwards right at close. That bounce coincides with a long term trend line that had been acting as resistance but now appears to act as support.
The pink vertical lines indicate bounces off the trend line by a high, low, open, or close price. If the trend line is valid support, then price could rally, slowly or quickly, to an ideal technical target price of $66. However, a more practical target price is closer to $54.
Like, follow, and let’s see what happens.
The pink vertical lines indicate bounces off the trend line by a high, low, open, or close price. If the trend line is valid support, then price could rally, slowly or quickly, to an ideal technical target price of $66. However, a more practical target price is closer to $54.
Like, follow, and let’s see what happens.
Note
FYI - currently, pre-market price is below 20 DMA and trend line. We need to see price pull up above both in a decisive move with volume.Note
I don’t like that at open Uber significantly dropped below 20 DMA and trend line on. However, if we’re to remain bullish on Uber, on the daily price bounced at VWAP of $35.86 (ohlc/4). Would like to see it retrace above 20 DMA at $36.17. Hopefully, the worst case would be a bounce off 50 DMA at $34.21. Note
Also, based on EW, Fibs, and channel, Uber might have just completed a leading diagonal wave as part of a man upwards trend.Note
Btw, not shown are two touches of channel’s bottom trend line near start of wave and channel. However, only one of those touches may be valid, so price could bounce once more.Note
Trick or Treat indeed, Uber. Trick or Treat!Note
Here’s a more accurate view on daily of how Uber is likely playing out. We should be bullish if the unfolding corrective triangle remains valid. However, if B is invalid and should instead be where pink vertical line indicates then we have to choices. We can remain bullish in anticipation that price is completing an ascending triangle. Or, we can be bearish in anticipation that price is completing a more traditional ABC correction targeting $30.81. Note
First two attempts at update had mistakes, but third time is the charm right? Btw, it’s an ascending triangle on right-hand side of chart. Note
Sharing bc otherwise it could be difficult to find this chart.
Note
Updated the idea posted in previous update with this chart. Means that Uber is still in a leading diagonal cycle wave 1, and a minor wave 2 of primary wave 3 is likely completing today.Note
Another perspective on the leading diagonal playing out. The translucent boxes highlight accumulation zones.Note
Update targeting ~$60 by end of year based on ascending triangle and Elliot Wave (wave 3 target). Not shown, but corroborating, is a deeply oversold stochastic, volume break above volume 20 MA, and green candle close. The throwback after breakout is typical for an ascending triangle and, for Uber, would coincide with Prop22 outcome, which, if positive, would be the news to fuel the run to $60.Note
If you’re interested, published idea on bullish indicator.
Note
For anyone tracking my Uber ideas, Uber’s price reached my first target, and I expect a retracement to a price between $35 and $39. I don’t think the ~$39.5 retracement that happened after hours yesterday was enough, especially given, from what I’m tracking, that yesterday’s rally happened with low volume. After retracement, I’m targeting $68+.Note
Potential trade setup.If price dips below $46.38, consider opening a short targeting $37. If price dips further, target $34, then $30, then, finally, $25.
Note
I base the previous update on Wyckoff Distribution.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.