The past few days, I have been hunting for solid Short opportunities. I believe UBER may be forming a beautiful setup. I continue to hold a Bearish stance on US Markets as a whole. How long can the government keep the market postured up on stilts due to stimulus? My bet... Not for much longer.
- Very SLIGHT Hidden Bearish Divergence on the Daily here for UBER.
- Volume has declined this entire move up.
- $28.50 was tested several times throughout late 2019. This stands as an important resistance at the moment with a few wicks attempting to break it.
- Also struggling to break above the 0.5 level in confluence with the $28.50 level.
- It is possible that we broke our lower trend line and could begin the descent for UBER. Their are a few ways to draw this trend line, but ultimately I ended up with this bearish viewpoint.
- This idea is INVALID if price were to close above and hold $28.50.
Will UBER plummet from here on out? Possibly. The setup here is prime for the taking.