Projecting UBER's Upside Trajectory

by Mike Paulenoff
August 18, 2024 • 1:03 PM EDT
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. If my work proves reasonably accurate, then any forthcoming UBER weakness will be contained above 56.50 ahead of upside continuation that challenges and chews-through key resistance lodged between 62.60 to 64.45."
The next day, on August 7, with UBER trading at 65.48, Mike added:
"At the time of my earlier update (8/05/24), UBER was trading at 62.00, up 16% from Monday's spike-low at 53.25, which prompted me to allow for a pullback to 56.50. Well, that certainly did not happen. UBER has continued to climb right into and now above key resistance between 62.60 and 65.45, which if sustained, will clear a price path to 68-70 next, in route to a challenge of March-August resistance line that cuts across the price axis in the vicinity of 73.50."
Fast-forward to this past Thursday, August 15th, when UBER hit a post-earnings high at 73.42, a full 18% above Mike's alert on August 6th. See Mike's analysis from that day. The stock pulled back on Friday to close the week at 71.20, or 12% above his initial alert. Mike's pattern, momentum, and price projection work proved extremely accurate for UBER's upside trajectory to the 73.50 resistance target zone.
What's next for UBER? Is forthcoming weakness a "Window of Opportunity" ahead of a run at its all-time high of 82.14 established on 3/08/24, or is the current vertical upmove part of a larger-developing corrective process?
Login this week to join Mike and MPTraders members for their ongoing analysis and discussion about UBER as well as many other individual names, ETFs, Sector ETFs, Macro Market Indices, Precious Metals, Crude Oil, and Bitcoin.

Last Wednesday afternoon (6/11/25), with META circling 700 after establishing a 4-month new post-April 2025 recovery rally high at 708.87, this is what we discussed about the current technical setup: Just a heads up that my pattern work is warning me that the 52% upmove from the 4/07 low at 467.31 to today's (6/11) high at 708.87 has the right look of a completed, overextended, overbought, unconfirmed rally peak that leaves the price structure vulnerable to a correction of some magnitude.
On May 6, 2025, during the final hour of trading, and before AMD was scheduled to report quarterly Earnings that evening, I posted the following analysis to our MPTrader Discussion Room:AMD reports Earnings after the close... The only conviction I can derive from my pattern work is that the 4/08/25 low at 76.48, which represented a 66% correction from the March 2024 high at 227.30, has the right look of a significant low that completed a major bear phase.
On April 22, 2025, I posted the following analysis about my technical setup work in XBI (SPDR SP Biotech ETF):XBI (SPDR SP Biotech ETF)-- Could it be? Could it be that the near-40% correction from the 11/11/24 multi-year high at 105.47 to the 4/09/25 low at 66.66 fully discounted all the bad news in this sector? From a BIG Picture perspective, my attached Daily Chart shows this month's spike low into the vicinity of the previous major corrective low-zone starting in May 2022.
In the early afternoon on April 11, this was my note to our members:"IBIT (iShares Bitcoin Trust ETF)-- From a trading perspective, anyone who is in sync with the Bitcoin setup might consider owning IBIT (iShares Bitcoin ETF) against a stop below its 4/07/25 low at 42.98 (see my attached Daily Chart below)...
Last Thursday (4/17/25) afternoon, ahead of NFLX (Netflix) post-close earnings report and the three-day Good Friday holiday weekend, we discussed the technical setup and whether or not the NFLX pattern was positioned to react positively to the news : The NFLX setup heading into Earnings later today is favorable for upside continuation above the prior two rally highs at 993.45 (4/15) and 998.70 (3/25), but not to a new ATH above 1064.