UBER SHORT to $20, former CEO dumps shares!

UBER has been on a strong downtrend since the IPO, the company has not yet turned a profit and expenses are through the roof with little hope to switch to the long side in the near future. To add to that the co-founder and previous CEO Kalanick continues to dump shares, another +$160 Million worth and the stock continues to trend lower while volume to the sell side increases.

The previous broken low at around $30.00 held as resistance on a retrace and the rotations indicated a continued short where price fell from, price is not at an all-time low anymore where support lies. The IPO to date POC is at $26.85 which is going to be strong support but there is a strong chance it break and price moves into the expansion level at $22.00. We just need to break through the support barrier. The price is at the top of the downward channel which is holding resistance.

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