UBER trade ideas
Uber Started to Lose Momentum ( 1H Chart )Following up with Uber stock movement, it's clear that we are near/at the end of fifth wave ( Greened ) and I expect a correction to the 35-36 zone before going higher.
That is confirmed by the strong bearish divergence signal as you can see in the chart b/w the price and the RSI indicator.
UBER SnapbackUBER is on its 5th straight day green. It has become overbought on stochastics and is pushing the upper limit on the bollinger band. It has just hit some resistance at $38.5 while being overbought, which i believe will create a selloff with a pullback back to the 35.5 range.
THE UBER STOCKmore potential the UBER stock going up next days, so if the price crosse 40.68 we can see the price between 43.00 and 47.40
UBER: Enters target zone - with possible upsidetoday or tomorrow we possibly hit target with UBER reaching $38 - one of the good times when projection works well .. see post from 2-3 weeks ago. there's great learning here, that even with the negative pressure across the market last week, the momentum in UBER still managed to survive.
we'll hold, since we see a strong momentum that shows possible upside to cross the $40 and long term strength in the stock
share your views if you have been riding this wave with me ;) and best of luck
-----------------------
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).
$TSLA trying to break out after ~3mo consolidationAfter touching the long-term downtrend resistance in early June and consolidating for 3 months in fairly tight range, it got onto the resistance line again on Friday.
This completed year-long inverted H&S pattern (visible on the weekly chart).
Climbing and staying above $37 or falling bellow $29 should bring major move. Let's see what's next.
Uber Potential Breakout, Target $52After a March all-time low (ATL) under $20 a share, UBER took a strong bounce back to the $30 range and looks to be in a consolidation pattern.
Special note: There is still much room to the downside that may need to be cleared out. However, the scale and diversity of Uber's product line and growth strategy do have potential. Should UBER post a profitable quarter, this would take off.
Strategy for a price move down:
Suggestion to set buy ladders at the support lines and Fibonacci retracement. Weight buy orders more heavily to the lower ranges .5 and .786, etc.
Strategy for a price move up:
Resistance exists around the $38-40 mark. If we see a breakout to these levels with strong volume candles, we would call this confirmation, take a big order, set our stop loss at $35, and take small profits at $50-55 while remaining in the stock. Use this strategy to further reduce your average cost.
Elliot wave theory suggests that if we breakout we would be in a wave 3 of 5, which tends to be the longest breakout. Given the potential momentum for a name like UBER we would likely hold in that future scenario.
Should either of the above 2 scenarios materialize, we can confirm our strategies and regroup to map out the next potential move up. It
I presently give UBER a HOLD rating, with a lean to BUY if only to hold a small position to take advantage of either move.
NOTE: ALWAYS TAKE A STOP LOSS IF YOU ARE TRADING A SHORT TIME RANGE WITH LIMITED FUNDS.
Disclaimer: I am not a professional and am self-taught. My charts are made for my own education to improve my trading strategies over time. I am always open to feedback or being pointed in the direction of resources to up my game. Thank you!
Finishing the First Impulsive Wave @ $36.74NYSE:UBER is on its way to end the first wave ( circled ) of the bigger third wave ( greened ).
I put tight stop loss here just in case something wrong happens.
Target: 36.74
Stop Loss: 34.90
UBER fightUber is making great upwards progress in spite of the downward pressure from the broader market and bears. It will likely retreat to the golden zone in the following days, but ultimately we are in an uptrend. I think it will fail to break the high (38.78) off the March lows.
E: It could touch 32
T: 36.14
T2: 37.54
S: 31 +/-1
UBER Bullish Engulfing + Wave CountA nice little breakout of the bullish engulfing pattern and through the EMAs. Wave 3 target at 40.05.
Here is a Buy Setup in Uber $UBERUber forming a nice wedge on the weekly.
I'll look to buy on a breakout to the upside.
Update: Uber still has the potential to go higherWe continue to follow the movement of NYSE:UBER stock. I predict that it's heading to the $41.40 area to complete the minor third wave of the bigger third wave. I just redesigned the count colors and degrees.
UBER 26.08.20 LongAsset and Time frame -UBER,1H, Premarket
Entry Price -31.18
Exit(Stop Loss) -30.37
Exit(Take Profit) -34.22
Technical Analysis -Price reached support and reacted with a good engulfing candle and good volume, market seems to move in sideways atm.
What can be improved -
Conclusion & End of Trade -
