UBER
crossed back above the 50% retracement of the downtrend after consolidating for 20 days and might indicate a reversal if the market continues higher. Another set of fibs traced from the bottom of the bounce to consolidation zone projects the first target at 32.45 and second at 37.54
A reasonable stop would be set below the support of consolidation at 26.40
3 possible scenarios :
- Breakout with no retracement: price hits the first then the second target
- Breakout with retracement: price hits the first target, retest the breakout line and continues higher to hit the second target
- False Breakout: price reverses back and breaks consolidation support
Trade closed: target reached:
The first target of this idea is reached. This will be a good spot to take some profit. As I mentioned before, we could see a retest of the breakout line (that will provide a second chance entry) or it can consolidate and push higher towards the 1.618
Trade closed: target reached:
Second target on UBER is reached. closed 100% of position.