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Grubhub’s stock spiked today by almost 40% due to Uber’s offer to buy Grubhub. That offer is bullish, but the reality is Uber and GrubHub haven’t agreed on a price yet. It is very likely the market won’t be deciding the price based on FOMO, and instead Uber and GrubHub will decide a price based on other metrics. Since it is doubful Uber will overpay, it is prudent to look at resistance levels assuming GrubHub beings trading again.
Resources: www.cnbc.com/2020/05...eing-a-takeover.html
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1. Fractal Trend is showing a downtrend (Maroon bar color) on the 4 hour chart.
2. With this strategy, we we want to enter short on bearish order blocks plotted by Orderblock Mapping (Maroon) and bearish S/R levels plotted by Directional Bias (Maroon).
3. Since the overall trend is down, the play here is to see how tomorrows open is and consider a short if price is rejected at R1 intraday.
With this chart we potentially won’t have much time to make any play before Uber and GrubHub come to a deal and shares stop trading. The goal here is to get a quick short in before the deal goes through. Otherwise, the point of this chart is to just point out potential resistance and support levels if trading keeps up. Whatever you do, you don’t want to be paying more for GRUB than Uber does.
Like, Comment & Follow to help the community grow 🎉🎉
---
Grubhub’s stock spiked today by almost 40% due to Uber’s offer to buy Grubhub. That offer is bullish, but the reality is Uber and GrubHub haven’t agreed on a price yet. It is very likely the market won’t be deciding the price based on FOMO, and instead Uber and GrubHub will decide a price based on other metrics. Since it is doubful Uber will overpay, it is prudent to look at resistance levels assuming GrubHub beings trading again.
Resources: www.cnbc.com/2020/05...eing-a-takeover.html
---
1. Fractal Trend is showing a downtrend (Maroon bar color) on the 4 hour chart.
2. With this strategy, we we want to enter short on bearish order blocks plotted by Orderblock Mapping (Maroon) and bearish S/R levels plotted by Directional Bias (Maroon).
3. Since the overall trend is down, the play here is to see how tomorrows open is and consider a short if price is rejected at R1 intraday.
With this chart we potentially won’t have much time to make any play before Uber and GrubHub come to a deal and shares stop trading. The goal here is to get a quick short in before the deal goes through. Otherwise, the point of this chart is to just point out potential resistance and support levels if trading keeps up. Whatever you do, you don’t want to be paying more for GRUB than Uber does.