UBER has been pushing for a breakout for sometime now. check out our previous posts linked below.
this week had couple of great signs (of strength) - the reaction to the California law suit and the reaction to qtrly earnings - but even before that, price action indicated the persistence of UBER bulls and the "drive" to move upward.
what the chart tells us?
we have a positive momentum that is still building (weekly) and a good buy pressure/demand - this set up is more for the mid to long term (6 months+) , and as long as UBER bulls can defend the new price range they just gained, and stay above $40 we're looking at a possible continuation to the upside. if the move up materializes, our next target is $47 then a calculated projection to the $53 - $55 range. a possible ~23% upside.
(visit this post in future and use the "Load New Bars" tool to see how accurate were these projections)
Note: we need to be extra cautious with trading these days - everyone is looking at riding the next "Zoom" with a lot of Pump & Dump going on - and the market is in a volatile phase - please manage your risk accordingly!
best of luck,
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How do i read this chart setup
we look at the price action (top chart) and recent key S/R price levels, plus the insights from 3 key elements: momentum, sentiment and buy/sell pressure
- the calculated short-term price momentum is shown by the UTO blue/amber line
- the long term sentiment is represented by the UTO Green/Red area graph - the demand/supply pressure is expressed by the v.viewer green/red area graph - let's call these "the context"
How do i trade this chart setup
- the Basic rule: nothing can predict what happens tomorrow - but if no external catalysts interfere, it's *highly probable* that a price move with strong momentum that's in alignment with the broader context (sentiment and buy/sell pressure) would continue in the same direction (e.g., a breakout).
this week had couple of great signs (of strength) - the reaction to the California law suit and the reaction to qtrly earnings - but even before that, price action indicated the persistence of UBER bulls and the "drive" to move upward.
what the chart tells us?
we have a positive momentum that is still building (weekly) and a good buy pressure/demand - this set up is more for the mid to long term (6 months+) , and as long as UBER bulls can defend the new price range they just gained, and stay above $40 we're looking at a possible continuation to the upside. if the move up materializes, our next target is $47 then a calculated projection to the $53 - $55 range. a possible ~23% upside.
(visit this post in future and use the "Load New Bars" tool to see how accurate were these projections)
Note: we need to be extra cautious with trading these days - everyone is looking at riding the next "Zoom" with a lot of Pump & Dump going on - and the market is in a volatile phase - please manage your risk accordingly!
best of luck,
-----------------------
How do i read this chart setup
we look at the price action (top chart) and recent key S/R price levels, plus the insights from 3 key elements: momentum, sentiment and buy/sell pressure
- the calculated short-term price momentum is shown by the UTO blue/amber line
- the long term sentiment is represented by the UTO Green/Red area graph - the demand/supply pressure is expressed by the v.viewer green/red area graph - let's call these "the context"
How do i trade this chart setup
- the Basic rule: nothing can predict what happens tomorrow - but if no external catalysts interfere, it's *highly probable* that a price move with strong momentum that's in alignment with the broader context (sentiment and buy/sell pressure) would continue in the same direction (e.g., a breakout).
