Long UBER above 60.05Market cap: 105.86B
Shares Float: 1.32B
Short Float: 4%
Short term target $60.00-$65.00
Weekly performance +8.74%
Monthly performance +10.71%
Uber has recently gained headlines tackling prescription delivery in NYC with Nimble, and now the Drizzly take over deal for alcohol delivery.
UBER is less than a week out from earnings reports, and looks to be regaining control of the this monthly trend line after retracing to a historical iceline, at 47.12
On the 4HR chart, the RSI is a little topped out to have a real edge on a new position.
The MACD histogram seems to be losing some momentum, and we could need to see a little consolidation or perhaps even a retest of the prev weekly open at 54.50
To have a real edge on a new position i would want to see confirmation of support on the red trend line, and above our current weekly top of range of 58.09
If we do see some consolidation, i think that will give the next move the strength it needs to break out above 60.05
This will also give time for the 50MA to cross over the 200 which should send the price action to new levels on the upside if it continues to play out.
Id be a buyer above 60.05, and if we correct a little before advancing, id be a buyer again between our monthly open at 52.15 (approx 50% retrace) and the previous weekly open of 54.50
In the case of a heftier correction, I would be looking at the "heartline" trend to be an expected target
Given there is buyer exhaustion evident on shorter time frames, ill be looking for consolidation and proper support prior to engaging this one further.
This isnt investment advice and i do own a long position in UBER in my long term portfolio.
