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
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