UBER: A bullish reversal pattern! Will it REVERSE?
• UBER is reacting today, however, this reaction alone is not good enough to characterize a true bullish reversal;
• Today it is doing a Piercing Line candlestick pattern just above the previous support at $27.10 (black line) – a bullish reversal structure;
• Although this is a decent reaction, it seems it is too soon to tell if this reaction will last long enough. As far as I know, the trend is still bearish, and UBER is heading to fill the last gap at $24.62;
• In addition, UBER did a Double Top chart pattern at $33.78, which indicates more sell-off in the mid-term;
• Could UBER perform a better reversal sign? Yes, but it must not frustrate this Piercing Line candlestick pattern (meaning, it must not lose yesterday’s low at $26), and it must close above the $27.69 (dotted line);
• Why above the $27.69? By doing this, it’ll frustrate the Double Top chart pattern I mentioned above. This point is the previous bottom seen on September/August and the trigger point of this Double Top;
• Only if UBER does both things I’ll see a recover to the $33 again (mid-term). The volume must increase as well, as it has been quite low recently.
I’ll keep you guys updated on this. Remember to follow me for more analysis like this! Keep in touch.
• Today it is doing a Piercing Line candlestick pattern just above the previous support at $27.10 (black line) – a bullish reversal structure;
• Although this is a decent reaction, it seems it is too soon to tell if this reaction will last long enough. As far as I know, the trend is still bearish, and UBER is heading to fill the last gap at $24.62;
• In addition, UBER did a Double Top chart pattern at $33.78, which indicates more sell-off in the mid-term;
• Could UBER perform a better reversal sign? Yes, but it must not frustrate this Piercing Line candlestick pattern (meaning, it must not lose yesterday’s low at $26), and it must close above the $27.69 (dotted line);
• Why above the $27.69? By doing this, it’ll frustrate the Double Top chart pattern I mentioned above. This point is the previous bottom seen on September/August and the trigger point of this Double Top;
• Only if UBER does both things I’ll see a recover to the $33 again (mid-term). The volume must increase as well, as it has been quite low recently.
I’ll keep you guys updated on this. Remember to follow me for more analysis like this! Keep in touch.
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💲💲 Project 5%: + 104%
🔹 S&P500: +35%
💪 Public track record.