Catching The Upturn In UBER
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.
More Top Calls From Mike
On October 27, 2023, Mike Paulenoff discussed his outlook for XBI (SPDR SP Biotech ETF) with our MPTrader members, writing:With the exception of a few months of recovery rally price action here and there, XBI remains in the grasp of a major bear phase off of its February 2021 peak at 174.79 into today's 17-month new low at 64.78. The $64,000 question is whether or not XBI is coming in for a successful test of its May-June 2022 lows at 61.78 and 62.
Nearly four months ago, on the morning of October 31, 2023, this is what I posted to our discussion room about NVDA (Nvidia Corp):NVDA pressed to a new 4-1/2 month low at 392.30 today, and ... the price structure is peering over the edge of a multi-month support plateau (396.50 to 407.64) that if sustained, will leave NVDA vulnerable to downside continuation toward filling the up-gap left behind on 5/25/23 from 305.40 to 366.35. So far, NVDA has bounced off of 392.30 and has just crossed above 400.
Nine weeks ago, on December 13, Mike Paulenoff responded to an MPTrader member's inquiry about the relatively newly IPO'd restaurant group CAVA (CAVA Group), writing:Fellow member "Blue" asked for a "read" on CAVA, but this is an interesting name in the restaurant group that I think warrants a more extensive chart post for anyone looking to diversify into a consumer-sensitive, budding chain of Mediterranean cuisine fast-food locations along the lines of the Chipotle (CMG) model...
This past Monday (Feb 5), one of our MPTrader members inquired about Disney (DIS): "Is Mickey and the gang making a comeback?" Our response: "Technically, the answer is Yes! We can make a compelling argument that DIS has carved-out a 9-month rounded base formation (Inverse Head Shoulders, anyone?) that for the last several days has been digesting its January gains from 88.69 to 97.93 perhaps ahead of Wednesday's (12/07/24) catalyst: Quarterly Earnings.
Way back on October 27, 2022— 1 year, 4 months ago, this is what I posted about SHOP (Shopify) to the MPTrader member discussion room:My attached BIG Picture Daily Chart shows the relentless bear phase that gripped the stock from its November 2021 ATH at 176.29 to the October 13, 2022 low at 23.63, amounting to an 86.5% decline in the value of the stock during the past year! That said, my pattern and momentum work argue strongly that SHOP established a very significant near and intermediate-term low at 23.