UBER trade ideas
UBERI can see UBER coming back down to previous support of $41.99 before continuing forward to over $50. Price is too far away from middle Bollinger Band line to continue. Hence the retrace back to previous support. Fee free to comment and share
Currently shorting UBER but overall I suggest this is a long term long position
Uber (UBER): BUY at $40 - Elliot WaveUber (UBER) seems like is currently correcting at the 4th wave of its 5 wave structure, it's likely to correct to the 0.382 retracement level of its 3rd wave to $40 ish before UBER shoot up to its 5th wave target, also, we do have the previous pivot high at $40 as the support which was all the way from June. Thus, look for a correction to $40 ish and add for $55 ish target price, thanks.
UBER Trade Update (3rd part scale in )Our UBER Leaps has gone ITM we are updating the current breakout pattern. To the minor time frame, a minor corrective wave (ii) into 41-43 level before UBER sets up for another run completing an impulsive 5 waves higher into 2021. Will be looking to establish more longs if UBER drops into 41 with some Leaps.
$4 Decrease In Share Value In A Single DayAs you can see in the price history, Uber has made some big day over day gains. $2-$4 gains at a time. This means that it could easily fall $2-$4 day over day back to a normal RSI. Uber just launched out of control and is on its way back down. I would not be surprised if we saw a single drop up to $4 in a single day.
UBER Too Far From SupportUBER is very far from its support zone. With 2 sell signals from Divergence+ ( so accurate it cost a subscription ) and the support zone being at 41.82 a share. We can expect the stock to fall below my target price of $45 a share this week while staying above support at a healthy price.
This could be my 2021 Jackpot; Along with Pot StocksUBER.
I am seeing Uber is crafting the same chart pattern as PTON.
The stock price movement has been resilient. It performed better than I expected. With the California legal issue out of the way and Uber Eat performing spectacularly, this should jump to triple digit in stock price.
Keeping It CleanThis chart is free of clutter, I would just like to show the sell signal on the 4Hr. I have purchased 75 contracts for UBER to hit $45 a share by next Friday. If it hits that strike price at any point between now and then I will be selling my position.
This is not just a single sell signal, there are many sell signals on every chart from the 1min to the 4hr and Bollinger Bands are giving sell signals on every time frame as well. With an extremely high RSI we can expect UBER to drop.
UBER Over Bought UBER is extremely overbought. Here is a breakdown of the technical indicators and my plan.
With an RSI of 91.04 for the last 14 two hour candles it's a given that UBER is madly overbought.
However, Bollinger bands have not crossed in a downward direction giving a sell signal, and the MACD shows some room to grow still. Unless the downward curve happens during the first two hours of Mondays open.
This stock remains on my watchlist and I will most likely be shorting once I get a sell signal on both the Bollinger Bands and MACD.
UBER: Ascending Triangle, confirmedAscending Triangle, Confirmed
Pros:
Descending volume during formation
Peak volume at break out
PPS above 50MA and 200MA
200MA ascending
250RSI above 50
RS ascending and above 0
ATR ascending, more volatility
R/R ratio above 13
Cons:
Currently hitting resistance at 45$
If it breaks it, no resistance above.
PT = 56.20$
Uber: get ready for an exciting ride!UBER has been pushing for a breakout for sometime now. check out our previous posts linked below.
this week had couple of great signs (of strength) - the reaction to the California law suit and the reaction to qtrly earnings - but even before that, price action indicated the persistence of UBER bulls and the "drive" to move upward.
what the chart tells us?
we have a positive momentum that is still building (weekly) and a good buy pressure/demand - this set up is more for the mid to long term (6 months+) , and as long as UBER bulls can defend the new price range they just gained, and stay above $40 we're looking at a possible continuation to the upside. if the move up materializes, our next target is $47 then a calculated projection to the $53 - $55 range. a possible ~23% upside.
(visit this post in future and use the "Load New Bars" tool to see how accurate were these projections)
Note: we need to be extra cautious with trading these days - everyone is looking at riding the next "Zoom" with a lot of Pump & Dump going on - and the market is in a volatile phase - please manage your risk accordingly!
best of luck,
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How do i read this chart setup
we look at the price action (top chart) and recent key S/R price levels, plus the insights from 3 key elements: momentum, sentiment and buy/sell pressure
- the calculated short-term price momentum is shown by the UTO blue/amber line
- the long term sentiment is represented by the UTO Green/Red area graph - the demand/supply pressure is expressed by the v.viewer green/red area graph - let's call these "the context"
How do i trade this chart setup
- the Basic rule: nothing can predict what happens tomorrow - but if no external catalysts interfere, it's *highly probable* that a price move with strong momentum that's in alignment with the broader context (sentiment and buy/sell pressure) would continue in the same direction (e.g., a breakout).
