Checking back in with UBER (See our previous posts to get an idea how we've been charting this one, great calls).
Beautiful Long position if you've followed our previous call on Uber back in August. We ended up buying more in October as well. Went up around 95% on this trade and we had moved our stop loss up to around $52.00. Stop loss was triggered as we exited the Diamond Pattern at the top. A top diamond pattern usually signals a market top and reversal. The price will usually decline the length of the highest and lowest points in the diamond (see yellow dotted line). It appears price has just done that and we now got some relief after hitting the oversold in the RSI. While this Diamond Top signal usually indicates a top or reversal, we did just close above the 200MA again.
Technical Analysis:
1. BULLS: If you're still in this trade or buying in now, watch the 200MA in white. We would like to stay above this for the next week, key levels around $48 is where we would set a stop loss for this set up.
2. BEARS: You have a diamond top pattern, usually signifies a reversal. We also have a gap around the $37 area. This is where we would look for another entry point as well if we long again $37-$31 range.
Fundamentals:
Uber did just post a great earnings call and the country is picking up steam with bars and restaurants beginning to open and ramping up demands for Uber rides. We could see a decrease in Uber eats as people begin to dine out. Rides have also gotten more expensive with a demand in drivers still looming. We could see this decrease as the workforce should increase. Uber had originally planned to be profitable by the end of this year. If they can hit that mark, we can expect a surge in the stock price. Stay tuned.
Feel free to give us a follow and shoot us a like for more analysis updates.
Cheers!
Disclaimer:
I do not provide personal investment advice and I am not a qualified licensed investment advisor. I am an amateur investor.
All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock picks, expressed or implied herein, are for informational, entertainment or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies. I will not and cannot be held liable for any actions you take as a result of anything you read here.
Conduct your own due diligence, or consult a licensed financial advisor or broker before making any and all investment decisions. Any investments, trades, speculations, or decisions made on the basis of any information found on here, expressed or implied herein, are committed at your own risk, financial or otherwise.
Feel free to give us a follow and shoot us a like for more analysis updates.
Beautiful Long position if you've followed our previous call on Uber back in August. We ended up buying more in October as well. Went up around 95% on this trade and we had moved our stop loss up to around $52.00. Stop loss was triggered as we exited the Diamond Pattern at the top. A top diamond pattern usually signals a market top and reversal. The price will usually decline the length of the highest and lowest points in the diamond (see yellow dotted line). It appears price has just done that and we now got some relief after hitting the oversold in the RSI. While this Diamond Top signal usually indicates a top or reversal, we did just close above the 200MA again.
Technical Analysis:
1. BULLS: If you're still in this trade or buying in now, watch the 200MA in white. We would like to stay above this for the next week, key levels around $48 is where we would set a stop loss for this set up.
2. BEARS: You have a diamond top pattern, usually signifies a reversal. We also have a gap around the $37 area. This is where we would look for another entry point as well if we long again $37-$31 range.
Fundamentals:
Uber did just post a great earnings call and the country is picking up steam with bars and restaurants beginning to open and ramping up demands for Uber rides. We could see a decrease in Uber eats as people begin to dine out. Rides have also gotten more expensive with a demand in drivers still looming. We could see this decrease as the workforce should increase. Uber had originally planned to be profitable by the end of this year. If they can hit that mark, we can expect a surge in the stock price. Stay tuned.
Feel free to give us a follow and shoot us a like for more analysis updates.
Cheers!
Disclaimer:
I do not provide personal investment advice and I am not a qualified licensed investment advisor. I am an amateur investor.
All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock picks, expressed or implied herein, are for informational, entertainment or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies. I will not and cannot be held liable for any actions you take as a result of anything you read here.
Conduct your own due diligence, or consult a licensed financial advisor or broker before making any and all investment decisions. Any investments, trades, speculations, or decisions made on the basis of any information found on here, expressed or implied herein, are committed at your own risk, financial or otherwise.
Feel free to give us a follow and shoot us a like for more analysis updates.