Catching The Upturn In UBER
![Mike Paulenoff](/assets/cdn/static/mptrader/images/mike-paulenoff.gif?id=853baf5e048aaccf8689bd216813fa18)
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
This past Monday, July 15, right after the opening bell, Mike Paulenoff cautioned our members about the technical setup in TSLA (Tesla), writing:"TSLA is in the grasp of a corrective period off of last Thurs (7/11) high at 271.00 that hit an initial low at 231.52 last Friday (7/12). The big rebound off of 231.52 to 262.72 during this AM's pre-market trading has the right look of an "intervening bounce" between two distinct corrective declines (the first being 271 to 231.52).
This week's selection for our Top Call -- VZ (Verizon Communications) -- is less a function of its recent success and more a reflection of Mike's technical setup work that projects gains in the days and weeks ahead. On June 17, one of our MPTrader members (FJB) alerted us to his fundamental work on VZ. After seeing his positive comments, Mike Paulenoff posted the following technical interpretation of the pattern setup:"... somewhere above 36.
On the morning of June 20, Mike Paulenoff posted a heads-up about AMD to MPTrader members, writing:"AMD has been upgraded this AM by Piper Sandler with a Target Price of 175. Piper reiterated its OverWeight rating and has made AMD its top big-cap pick for the remainder of 2024. Technically, AMD has its challenges and its work cut out for it to climb to Piper's 175 target. My attached 4-hour chart setup argues that for starters, AMD needs to climb above 158.
On the afternoon of May 7, 2024, ahead of earnings the next morning, this is what I discussed with MPTrader members about a forthcoming opportunistic technical set in UBER (Uber Technologies):UBER reports earnings tomorrow morning before the opening bell. My Big Picture setup suggests strongly that the bull phase that commenced in June 2022 at 19.90 still has unfinished business on the upside into the 90-100 target window.
This coming week is filled with consequential macro and micro "events," such as NVDA's 10 for 1 stock split, CPI, PPI, and TSLA's annual meeting, during which shareholders will vote to approve or reject Elon Musk's 2018, $56 billion pay package.Arguably, the most significant "event" for the technology sector, in particular, and for the major equity indices is Apple Inc.'s WWDC Conference, which begins tomorrow.