Catching The Upturn In UBER
by Mike Paulenoff
December 20, 2021 • 8:45 AM EST
Last Tuesday morning, December 14, Mike Paulenoff alerted MPTrader members to a bullish technical setup in UBER.
Mike wrote about the stock, which pre-market had traded down to 34.88 tp a 13-month new low before 10% to 38.45 on headlines from a UBS Internet Conference:
"My NEAR and INTERMEDIATE TERM pattern and momentum work argue that today's Bear Trap is a VERY significant low (34.88), and ends the most recent corrective down move from the 10/08/21 recovery rally high at 48.88, AND also has the right setup to consider the larger correction from the 2/11/21 high at 64.05 complete as well. In a perfect world, a pullback to or below 36.50 is the Buy Window, with protective stops placed beneath today's pre-market low at 34.88. A climb above nearest resistance at 39.40 to 40.20 will trigger powerful confirmation signals that UBER has established a meaningful corrective low and is in the grasp of a sustainable recovery rally that will point to 47-48 initially."
The very next day, UBER pulled back from 38.45 to 36.24 prior to launching into a powerful new advance that continued into this past Friday's close at 39.77, just off the high for the week at 40.00. That was nearly 9% above Mike's pullback Buy Window discussed in his Coverage List posting on the prior Tuesday morning.
What next for UBER? Join Mike and MPTrader members for intraday discussions about UBER and many other individual stocks, ETFs, macro indices, cryptocurrency, and commodity market technical and fundamental setups heading into the end of 2021 and the beginning of 2022.
Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on
ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international
markets, plus key ETF component stocks in sectors like technology, mining, and banking.
Sign up for a Free 7-day Trial!
More Top Calls From Mike
Three hours before the July Fed 31, 2024 (FOMC) meeting, I posted the following chart commentary about my technical setup work on 10-year Treasury YIELD and its actionable longer-term Treasury bond ETF, the TLT (20+ Year T-bond, ETF):Heading toward Fed Time, 10-year YIELD and TLT (20+ Year T-bond ETF) certainly appear to be anticipating lower interest rate news or innuendos from the FOMC statement (guidance) and Jay Powell in his post-meeting press conference.
On August 15, with XLV (Healthcare SPDR, ETF) approaching Mike Paulenoff's target zone (noted in an April 18th post), Mike responded to an MPTrader member's question about whether it was "time to sell and find something with more potential?" Mike wrote: "My short answer: no, it is not yet time to sell (although I will never dissuade anyone from taking profits and from ringing the cash register). My pattern and momentum work argue that upside potential extends from 156 to 161.
On August 6th, when UBER was trading 62, this is what Mike Paulenoff discussed with MPTrader members about the stock's technical setup in the immediate aftermath of the company's quarterly earnings report:"UBER... produced stellar earnings, albeit a bit light on next quarter's bookings. The stock is up 5.9% in pre-market trading within a near-term setup that argues yesterday's spike low at 53.25 ended a 35% correction off of the March high at 82.14.
At 10:45 AM ET on Friday July 26, 2 hours 15 minutes after the release of important PCE (Personal Consumption Expenditure) inflation data, this is what Mike Paulenoff discussed with MPTrader members about SPY (SPDR SP500 ETF):"If I have a concern today it is the unfilled up-gap left behind from last eve's 4 PM ET close at 538.32 to the low of the AM session so far at 541.25.
On June 24, 2024, I posted the following chart-based commentary about PFE (Pfizer, Inc) to the MPTrader discussion room:PFE (Pfizer) has the right look of a setup that is on the verge of entering a central, bullish price thrust from within a December-June rounded bottom formation. Only a failure to push up through and close above the 200 DMA, now at 28.94, followed by a decline that breaks last week's low (6/14) at 26.87 will Neutralize my currently bullish bias... Last is 28.27...
