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?
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