California's prop 22 was found unconstitutional by a supreme court judge late last week, news that were sort of expected since the bill already had plenty of discrepancies. Despite the news and what that means for UBER specifically, I am more interested in how this stock has moved since the bill passed.
Pretty noticeable at first glance, despite missing EPS, on November the stock started an impulsive move leaving a gap behind and that it's closing to nowadays price. If we look at it from a bearish point of view, the .618 was strong resistance above which indicated another wave down towards the 1.618. Interestingly enough, the stock is now below March lows' VWAP and it's fast approaching the IPO VWAP. Very important to note that the 8MA is extended from price action, so a bounce in the near term is not out of the question. Now, will it be at the IPO VWAP? Or will it close below, sending it lower towards the gap and the 1.618? One thing is for sure, these two VWAPs will provide all the information we need in order to short efficiently or to prepare for some choppy price action.
Pretty noticeable at first glance, despite missing EPS, on November the stock started an impulsive move leaving a gap behind and that it's closing to nowadays price. If we look at it from a bearish point of view, the .618 was strong resistance above which indicated another wave down towards the 1.618. Interestingly enough, the stock is now below March lows' VWAP and it's fast approaching the IPO VWAP. Very important to note that the 8MA is extended from price action, so a bounce in the near term is not out of the question. Now, will it be at the IPO VWAP? Or will it close below, sending it lower towards the gap and the 1.618? One thing is for sure, these two VWAPs will provide all the information we need in order to short efficiently or to prepare for some choppy price action.
