Uber: I hope you grabbed some butter for NYSE:UBER by Teklologist

Uber: I hope you grabbed some butter

Very bearish outlook on Uber based on Wyckoff, Stochastic, and MACD. If valid, expect Uber to revisit prices under $30.

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I’ve expanded the acronyms for people who are unfamiliar with Wyckoff.

AR automatic reaction
BC buying climax
PSY preliminary supply
ST secondary test
UT upthrust
UTAD upthrust after distribution

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Might need to grab ourselves a drink to wash down all the toast we’re about to eat. Hopefully 🙏

Today is looking bearish to me: Price can’t hold above the 1.618 fib extension. Perhaps today is a last-ditch short squeeze riding the coattails of DoorDash’s IPO. Let’s hope Uber doesn’t think its price belongs anywhere near $182... yet.

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And btw, IF Uber does manage to hold above 161.8% extension, then based solely on Fib levels, the next target price would be at 200% or about $64 and, if 200% holds, then 261.8% or about $79.

However I remain bearish. Would take something akin to Tesla acquiring Uber for Uber to be worth that much. I highly doubt DoorDash holds its price for long. Actually - might be worth opening a short on DoorDash.

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Last update for today regarding the Uber connect news. After selling off chunks of its company and failing to churn a profit again, am I supposed to now think that Uber can compete against Amazon? Tell me Amazon and Uber are partnering and I’ll consider turning optimistic. Otherwise, I’ll sit here, butter ready, waiting for my toast.

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Hm... could be a targeting $21.

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This turd just won’t go down! So grab morning’s price action looks like an impulse wave meaning we could see a rally today above 56. The questions are if so, how high and is this actually only a trap?

If price breaks and then holds above 55 then I think 60 would be the final target.

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Can we skip this HS formation and skip directly to the next one at about $48.5?

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I’m not greedy. Given the 300%+ rise since low in March, I just want to profit off a mere 40% drop even if price drops lower.

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One down.

Teklologist

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