Without going into detail that I gave on same trade with Lyft, have opened a long strangle with x date of 9.13. The later date is because that there is great opportunity to make profit on both legs.
1. For the call I believe in very short term could be looking at a double bottom (lack of any afternoon downward movement -or any movement period) leads me to believe could get a near term bounce to 34.75-35.25. This would be time to close call portion and watch as Uber continues its fall to 27-28.
The important part on this is not to close too early as if rallies above 36it could have some upward momentum before falling, but by 13th both legs should have returned a very healthy profit.
1. For the call I believe in very short term could be looking at a double bottom (lack of any afternoon downward movement -or any movement period) leads me to believe could get a near term bounce to 34.75-35.25. This would be time to close call portion and watch as Uber continues its fall to 27-28.
The important part on this is not to close too early as if rallies above 36it could have some upward momentum before falling, but by 13th both legs should have returned a very healthy profit.
