UBER Technologies, Inc to crash 35%
And that might just be the beginning of the end for UBER.
** A forecast for the months ahead **
On the above 6 day chart price action has rallied an astonishing 300% in the past 24 months. A number of reasons now exist for a bearish outlook. They include.
1) “Insider Has Just Sold Shares In Uber Technologies”
“Chief Marketing Officer and Senior Vice President of Communications & Public Policy recently netted about US2.0m selling shares at an average price of US$72.90.”
simplywall.st/stocks/us/transportation/nyse-uber/uber-technologies/news/this-insider-has-just-sold-shares-in-uber-technologies
Don’t ignore insider selling.
2) Price action and RSI support breakouts.
3) Regular bearish divergence.
4) The Put/Call ratio. Calls outnumber Puts 3 to 1.
Is it possible price action continue up? Sure.
Is it probable? No.
Ww
** A forecast for the months ahead **
On the above 6 day chart price action has rallied an astonishing 300% in the past 24 months. A number of reasons now exist for a bearish outlook. They include.
1) “Insider Has Just Sold Shares In Uber Technologies”
“Chief Marketing Officer and Senior Vice President of Communications & Public Policy recently netted about US2.0m selling shares at an average price of US$72.90.”
simplywall.st/stocks/us/transportation/nyse-uber/uber-technologies/news/this-insider-has-just-sold-shares-in-uber-technologies
Don’t ignore insider selling.
2) Price action and RSI support breakouts.
3) Regular bearish divergence.
4) The Put/Call ratio. Calls outnumber Puts 3 to 1.
Is it possible price action continue up? Sure.
Is it probable? No.
Ww
Trade active
Confirmed broken market structure.
Long Puts, you're ITM. Enjoy!
Note
A message on the broken market structure. It is confirmed. Like Intel and SMCI ideas before them.
Because of that UBER price action will not return above structure for a period of 18 months to 2 years.
Note
** Correction update: now from 35% to 50-60% region **Note
-18% correction so far. Some folks are buy the dip, but it just keeps dipping.
$56 first support test on H&S extension
Note
The forecast has received a number of messages from twitter, the comments below, and the inbox. Everyone is a bull and highly critical of the idea.
Am I wrong?
Of course it is possible. Anything is, as a contrarian I must entertain both bullish and bearish outlooks.
On reflection and carefully reading the criticisms I’ve increased the forecast from -35% to a -60% correction.
On the 2 week chart below:
1) Broken market structure.
2) Two 2 x weekly candles now close under the 2-week 21 SMA, very bearish.
3) Price action enters the 5 day Gaussian channel, confirming a year long downtrend ahead.
Sorry bulls, you’re all out of luck.
2 week chart
Note
A bearish crossover on the bull/bear market band has now printed.
There are no certainties only probabilities, however the months ahead for this business is very probable in the red.
8 day bearish crossover.
Note
The double top is followed by a confirmation of broken market structure.
Use swing highs from retail traders as your exit liquidity.
BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.