UBER trendreversal confirmed part 2Welcome fellow Tradingviewers,
Our first individual stock pick of 2020 has been outperforming our expectations. Resulting in almost 40% profit without any leverage!
In an Interview the CEO of UBER announced that UBER is going to be profitable by Q4 a whole year earlier than expected.
Besides the great news, we also had a great earnings rapport indicating upside momentum for UBER.
We will be analysing UBER using a top-down strategy, including candlestick patterns, indicators and price patterns.
Monthly:
- We can clearly see that the first month of 2020 has closed in a huge Bullish engulfing candle, indicating more upside momentum.
Weekly:
- The last weekly candle closed in a bullish engulfing candle, indicating more upside.
- The last weekly caandle managed to close above the 40 dollar resistance indicating more upside momentum.
- MACD is in bullish territory, indicating more upside momentum.
- RSI is still neutral
Daily:
- The volume has shown support of the recent price rise, with high volume buying, indicating more upside momentum.
- We are above all Ma's indicating more upside momentum.
- MACD has just crossed bullish again, indicating more upside momentum.
- RSI is showing a bearish divergence, indicating downside momentum.
In summary:
The first month has been incredible for UBER, great earnings and the road to profitability have resulted in UBER retracing almost all the way back towards the IPO price.
We are currently nearing the 43 dollar resistance, before heading towards the 46 dollar resisstance. after this the sky wouold be the limit for UBER.
So let's see how 2020 is going to unfold for UBER but for now everything is still looking healthy to start thinking about reaching a new ATH!
This analyses is only intended to share my idea, to educate and entertain you guys.
This should not be considered as financial advice.
I hope you guys enjoyed this analyses, if you did don't forget to leave a Like !
If you want to share your thoughts, please do so in the comments below!
Kind Regards,
FORALLCRYPTO
