UPST: bottom found at 160 - upside target 250.

UPST has had a crazy run and dump, and while many high P/S names are still badly damaged, with UPST being one of the first ones to fade, it is also appearing to be one of the first to recover. Clear double bottom around 160 which also bumped into it's longer term uptrend line (the thick green line). Even now aroudn 190, I think this is still a decent time to enter for a trade over the coming weeks. Should be able to find it's way towards 250, which would also be roughly a 50% retracement of it's precipitous drop. Risk/reward looks strong here to me.

Comment:

we are back to that ~160 level. was not expecting that, but will re-evaluate on monday while looking for entry. FWIW, some peers liek AFRM and LC have also continued being under pressure. While I do like the 'sell my big winners into year end especially if they have stupid price/sales ratios', UPST was amongst the first to get slaughtered and therefore I expect it will be the first to recover.