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Uberlong

UBER Breakaway or Pullback? Trend Analysis Bullish Momentum: Strong upward momentum with a recent gap up indicates bullish sentiment. Breakout: Price has broken through previous resistance levels, suggesting continuation. Price Action Analysis Gap Up: Significant gap up on high volume signals strong buying pressure. Pullback Levels: Potential support near $82 could provide buying opportunities. Indicator Analysis Volume Surge: High volume confirms the strength of the breakout. EMA Support: Exponential Moving Average trending up, supporting the bullish outlook. Forecast Summary Expected Movement: Anticipate further upward movement, possibly testing new highs. Key Support and Resistance Levels: Support Level: Around $80, previously a resistance. Resistance Level: Near $87, recent high. Additional Support: Potential at $77, recent consolidation area. Additional Resistance: Beyond $87 towards $90, historically significant zone. Triggers/Events: Earnings reports or market news may impact volatility and direction. Trading should focus on buying opportunities during pullbacks, monitoring key support levels, and staying alert for market events that could influence price dynamics.
NYSE:UBERLong
by candlefire-trading
Uber Expands Waymo Driverless Rides to Austin and AtlantaUber Technologies Inc. (NYSE: NYSE:UBER ) is making waves in the ride-share and autonomous vehicle industries with its latest announcement to expand its partnership with Waymo, the self-driving car unit of Alphabet Inc. ( NASDAQ:GOOGL ). Starting early next year, Uber plans to bring driverless Waymo vehicles to Austin, Texas, and Atlanta, Georgia, as it continues to lead the shift toward autonomous mobility. Here's a closer look at Uber's fundamental developments and technical outlook following this major expansion news. Expansion into New Markets Uber’s partnership with Waymo will see the deployment of fully autonomous, all-electric Jaguar I-PACE vehicles in Austin and Atlanta. This follows the initial rollout in Phoenix, Arizona, where Uber has received positive feedback from riders. By managing and dispatching Waymo’s fleet, Uber aims to grow the number of driverless vehicles in these cities to hundreds over time, enhancing the ride-hailing experience and setting the stage for more widespread autonomous vehicle adoption. Growing Partnerships This partnership underscores Uber’s strategic pivot to leverage external autonomous technology providers instead of developing its own self-driving units, which it sold off in 2020. In addition to Waymo, Uber is collaborating with General Motors' Cruise, which will add its self-driving cars to the Uber platform next year. These partnerships align with Uber's broader goal of converting its fleet to green energy, enhancing sustainability while tapping into cutting-edge technologies. Financial Impact and Market Response Uber shares (NYSE: NYSE:UBER ) spiked 5% to $71.55 following the announcement, signaling investor optimism about the company’s future in autonomous ride-hailing. The expansion into Austin and Atlanta comes at a critical juncture for self-driving firms, which face regulatory scrutiny over safety concerns. However, Uber’s careful integration of Waymo’s proven technology could help mitigate these challenges. Uber’s stock performance has been strong this year, with shares climbing over 16%. This growth reflects confidence in Uber’s adaptability and future earnings potential, as it continues to diversify its services and expand its market reach. Technical Outlook Technically, Uber stock (NYSE: NYSE:UBER ) shows strong momentum, with the price trading above key moving averages—the 50-day, 100-day, and 200-day MAs. This alignment suggests a sustained bullish trend, reinforcing positive sentiment among investors. The Relative Strength Index (RSI) is at 54.35, indicating the stock is neither overbought nor oversold, leaving room for potential upward movement. Key Support and Resistance Levels Uber’s current support level lies around the $67 mark, a crucial pivot point that has acted as a foundation for recent gains. A dip below this level could trigger a pullback towards the one-month low of $54, corresponding with the December 2020 pivot. Investors should watch this level closely, as a breach could lead to a deeper correction. On the upside, resistance is likely to be tested around $75, a key psychological and technical barrier. Breaking above this level could see the stock target new highs as Uber (NYSE: NYSE:UBER ) continues to benefit from its autonomous vehicle strategy and market expansion. Investor Outlook Uber’s expanding partnerships in autonomous driving position it well for future growth in the ride-hailing sector, where innovation and technology integration are paramount. The positive technical indicators and supportive fundamental backdrop create a favorable environment for potential gains. However, investors should remain vigilant to key support levels and broader market conditions, which could impact Uber’s stock performance in the near term. Conclusion Uber’s commitment to scaling its driverless car offerings through partnerships with Waymo and other autonomous vehicle providers marks a significant step in its evolution. As the company expands into new markets and enhances its technology offerings, Uber is poised to solidify its position at the forefront of the ride-sharing and autonomous mobility revolution. With promising technical signals and robust market strategies, Uber remains a compelling stock to watch in the autonomous vehicle space.
NYSE:UBERLong
by DEXWireNews
2
Uber (NYSE: $UBER) Stock Jumps 8% on Strong Q2 Reports Key Takeaways: - Uber's second-quarter earnings significantly exceeded analysts' expectations, with profits more than doubling to $1.02 billion. - Gross bookings increased by 19% year-over-year, with strong performance across both Mobility and Delivery segments. - Uber's stock buyback plan, initiated during Q2, is expected to "ramp" over the next several quarters. - The company announced partnerships with BYD for electric vehicles and potential autonomous driving capabilities, as well as a new collaboration with Instacart. Uber Technologies Inc. (NYSE: UBER) has reported impressive second-quarter results, with earnings surpassing Wall Street expectations and driving an 8% surge in its stock price. The ridesharing giant’s performance highlights its robust growth trajectory and strategic initiatives to bolster its market position. Strong Q2 Financial Performance Uber's second-quarter earnings report showcased a stellar performance, with the company achieving a net income of $1.02 billion, more than double the $394 million reported in the same quarter last year. This impressive profit jump is a testament to Uber's effective cost management and strong revenue growth. The company’s revenue for the quarter climbed 16% year-over-year to $10.7 billion, beating Visible Alpha consensus estimates. Gross bookings grew by 19% to $39.95 billion, with the Mobility division contributing $20.6 billion and the Delivery segment, including Uber Eats, adding $18.1 billion. Strategic Initiatives and Partnerships Uber's strategic initiatives are also playing a crucial role in its growth story. The company recently announced a partnership with Chinese electric vehicle maker BYD to introduce approximately 100,000 electric vehicles (EVs) to Uber's global fleet. This collaboration not only supports Uber's sustainability goals but also positions the company to leverage autonomous vehicle technology in the future. In addition to the BYD partnership, Uber has initiated its first stock buyback plan, purchasing around $325 million of its own stock during the second quarter. JPMorgan analysts have expressed optimism about this move, predicting that the buyback program will "ramp" over the next several quarters, potentially boosting shareholder value. Market Response and Future Outlook Following the earnings announcement, Uber shares (NYSE: UBER) jumped 8%, reaching $60.94 shortly after the market opened on Tuesday. Despite this positive movement, Uber shares were down 5% for the year as of Monday’s close. However, the recent rally has positioned the stock to end the year on a more positive note. As of the time of writing, UBER shares (NYSE: NYSE:UBER ) have gained 7.22% from the -3.22% low observed prior to today's market opening. The Relative Strength Index (RSI) of 42 suggests the potential for further growth. Analysis of the daily price chart reveals that NYSE:UBER stock is exhibiting perpendicular trading in relation to its respective moving averages (MA), indicating a state of balanced momentum between buyers and sellers. CEO Dara Khosrowshahi emphasized the company's growth prospects, particularly in its core Mobility business and the increasing frequency of food and trip orders through its membership subscribers. For the third quarter, Uber projects gross bookings to be between $40.25 billion and $41.75 billion, with adjusted earnings anticipated to range from $1.58 billion to $1.68 billion. Expanding Consumer Base and Technology Integration Uber's consumer base continues to expand, with "monthly active platform consumers" (MAPCs) reaching 156 million in the second quarter, up from 137 million a year earlier. The company facilitated 2.77 billion trips during the quarter, a significant increase from 2.28 billion trips in the same period last year. In addition to its partnership with BYD, Uber is also collaborating with Instacart to integrate a "restaurants" tab into the grocery delivery app. This feature allows users to order from restaurants and have deliveries fulfilled by Uber Eats, further enhancing Uber’s delivery service capabilities. Looking Ahead Uber's second-quarter performance underscores the company's resilience and strategic agility in navigating market challenges and leveraging growth opportunities. With a focus on expanding its EV fleet, enhancing autonomous vehicle capabilities, and increasing shareholder value through stock buybacks, Uber is well-positioned for continued growth.
NYSE:UBERLong
by DEXWireNews
Uber's Bold Move: A $7 Billion Share BuybackUber Technologies (NYSE: NYSE:UBER ) has announced its maiden $7 billion share buyback program, marking a pivotal moment for the tech giant. This strategic decision comes hot on the heels of Uber's remarkable rebound, showcasing its resilience and adaptability in the face of adversity. Following a tumultuous period induced by the pandemic, Uber ( NYSE:UBER ) has emerged stronger than ever, bolstered by a robust recovery in its ride-share segment and sustained growth in its food delivery business. The company's stock, which soared by over 100% last year, surged an additional 8% to $74.75 upon the announcement of the buyback, reflecting investor enthusiasm and confidence in Uber's trajectory. Uber's Chief Financial Officer, Prashanth Mahendra-Rajah, aptly described the share repurchase program as a "vote of confidence in the company's strong financial momentum." This move underscores Uber's commitment to delivering value to its shareholders while capitalizing on its newfound profitability. Looking ahead, Uber ( NYSE:UBER ) projects impressive growth metrics over the next three years, with expectations of mid to high teens percentage growth in gross bookings and a striking high 30s to 40% growth in adjusted core profit. Moreover, the company anticipates maintaining a free cash flow of 90% or higher annually, further solidifying its financial foundation. Thomas Hayes, chairman of hedge fund Great Hill Capital, hailed Uber's decision as a testament to its operational prowess and the surging demand for its services. He noted, "Uber is hitting on all cylinders and has decided it's time to return capital back to the owners. It's a vote of confidence in demand for their services as well as operational discipline perfectly executed by CEO Dara Khosrowshahi." The buyback program, which is expected to reduce Uber's share count by up to 5%, has been met with widespread acclaim from investors. This move not only signifies Uber's bullish outlook on its future prospects but also underscores its commitment to enhancing shareholder value. The resurgence of the ride-share market, coupled with Uber's landmark achievement of posting its first annual net profit since going public in 2019, underscores the company's remarkable turnaround. With a staggering free cash flow of $3.4 billion in 2023, compared to $390 million the previous year, Uber is undoubtedly on a trajectory of unprecedented growth and success. In conclusion, Uber's $7 billion share buyback initiative encapsulates its unwavering confidence in its ability to deliver sustainable growth and create long-term value for its shareholders. As the company continues to innovate and expand its global footprint, this bold move serves as a testament to Uber's resilience, adaptability, and unwavering commitment to driving shareholder returns in an ever-evolving landscape.
NYSE:UBERLong
by DEXWireNews
Uber's Earnings Beat Reflects Resilience Amid Supply ChallengesIn the wake of Uber Technologies' (NYSE: NYSE:UBER ) latest earnings report, the ride-hailing giant continues to demonstrate its resilience and adaptability in the face of ongoing challenges. Despite concerns surrounding driver supply and market dynamics, Uber's fourth-quarter performance exceeded expectations, reflecting its ability to navigate turbulent waters while maintaining strong growth momentum. Analysis: Uber's (NYSE: NYSE:UBER ) fourth-quarter earnings showcased robust financial results, with adjusted earnings per share (EPS) soaring to 127% year-over-year and revenue climbing 15% to $9.9 billion. The company's gross bookings, a key financial metric, grew by 22% to $37.6 billion, surpassing analyst estimates. This impressive performance underscores Uber's (NYSE: NYSE:UBER ) ability to effectively capitalize on evolving consumer behaviors and market opportunities. One notable highlight from the earnings report is Uber's (NYSE: NYSE:UBER ) success in boosting driver supply, which has been a persistent challenge amid the ongoing labor market dynamics and regulatory changes. The company's efforts to enhance driver incentives and streamline onboarding processes have started to yield positive results, as evidenced by the growth in monthly active platform consumers (MAPCs) and monthly trips per MAPC reaching all-time highs. This indicates that Uber's platform remains highly attractive to both riders and drivers, driving increased engagement and usage. Moreover, Uber's (NYSE: NYSE:UBER ) strong financial position, as evidenced by its adjusted EBITDA of $1.3 billion, underscores its ability to effectively manage costs and drive operational efficiency. Despite facing headwinds in certain markets and segments, the company continues to invest in strategic initiatives aimed at driving long-term growth and profitability. Future Outlook Looking ahead, Uber's guidance for the first quarter of 2024 further instills confidence in its growth prospects. With expected gross bookings in the range of $37 billion to $38.5 billion and forecasted EBITDA of $1.30 billion at the midpoint of guidance, Uber remains well-positioned to capitalize on emerging opportunities in the transportation and delivery space. Conclusion: In conclusion, Uber's (NYSE: NYSE:UBER ) fourth-quarter earnings beat reflects its resilience and agility in navigating complex market dynamics. Despite facing challenges related to driver supply and regulatory pressures, the company's strong financial performance and strategic initiatives position it for continued growth and success. As Uber continues to innovate and expand its ecosystem of services, investors can remain optimistic about its long-term prospects in the evolving mobility landscape.
NYSE:UBERLong
by DEXWireNews
Uber's Strategic Shift: Navigating the Stock's Intricacies In a bold move reflecting Uber's commitment to a unified and streamlined delivery experience, the ride-hailing and food delivery giant announced the discontinuation of its alcohol delivery app, Drizly. The decision, effective January 16, 2024, forms part of a larger strategy to consolidate its various delivery services, ranging from food to groceries and alcohol, under the flagship platform, Uber Eats ( NYSE:UBER ). This article delves into the implications of this strategic shift and analyzes the impact on Uber's stock performance on this pivotal day. Uber's Stock Dips: A Closer Look On January 16, 2024, Uber's ( NYSE:UBER ) stock faced a minor setback, with a decrease of $0.27 in share price, marking a 0.43% decline since the previous market close. While such fluctuations are common and can be attributed to factors like market dynamics and investor sentiment, the decision to shutter Drizly likely played a role in shaping market perception. Investors, always vigilant to changes in a company's strategy, responded to Uber's consolidation efforts with cautious consideration. Financial Rollercoaster: Revenue Surges, but Challenges Linger: Uber's financial report for the year leading up to January 16, 2024, paints a mixed picture. Total revenue soared to an impressive $31.88 billion, reflecting an 82.62% increase from the previous year, driven by a surge in demand for delivery services during the pandemic. However, the joyous revenue surge is tempered by concerning figures in net income and earnings per share (EPS). Uber ( NYSE:UBER ) reported a staggering net loss of $9.14 billion over the past year, a stark contrast to the third quarter's net income of $221 million. This drastic shift indicates the challenges Uber faced in turning its revenue into sustainable profits. The earnings per share (EPS) mirrored this struggle, dropping to -$4.65 over the year, reflecting a decrease of 1673.86% compared to the previous year. Even in the third quarter, while Uber managed a positive EPS of $0.10, it marked a 46.18% decrease from the preceding quarter. Drizly's Demise: Streamlining or Unraveling? The decision to close Drizly is undoubtedly a strategic move to streamline Uber's delivery services, offering users a seamless experience through Uber Eats. However, the departure of Drizly raises questions about Uber's ability to successfully navigate the evolving demands of the market. Investors may be pondering whether this streamlining effort will indeed lead to operational efficiencies and improved profitability or if it marks a potential unraveling of diversification attempts. Conclusion: Navigating the Uber Stock Landscape As NYSE:UBER charts its course through the evolving landscape of the delivery services industry, investors find themselves at a crossroads. While the closure of Drizly aligns with Uber's goal of a more consolidated and user-friendly experience, the financial challenges underscore the complexities of translating revenue surges into sustainable profits. The stock market, as always, remains a dynamic arena influenced by multifaceted factors.
NYSE:UBERLong
by DEXWireNews
Uber(NYSE: $UBER) Shares Surges on Inclusion in S&P 500Key Takeaway 1. Uber is joining the S&P 500, according to an announcement late Friday. 2. The ride-hailing company generated positive earnings in the latest quarter and over $1 billion in profit in the last four periods. 3. Uber has a market cap of about $118 billion, while the median market cap of companies in the S&P 500 is just over $31 billion. Uber shares rose 5% in extended trading on Friday after the ride-hailing company was added to the S&P 500 Index, replacing Sealed Air Corp. The change will take place prior to the open of trading on Monday, Dec. 18, according to a press release. A company’s stock price often rises on news that it’s joining the S&P 500 because fund managers who track the benchmark, which gets updated each quarter, have to acquire the shares. Companies also have to meet certain valuation and profitability requirements. Uber shares debuted on the New York Stock Exchange in 2019, but the company was burning cash as it had to pay drivers enough money to stay competitive in a low-margin business. Its preferred metric was adjusted earnings before interest, tax, depreciation and amortization, or EBITDA. Most of Uber’s adjusted EBITDA comes from mobility, but the company made its delivery business profitable faster than planned, after recession-fearing investors became more averse to investing in money-losing companies. Growing advertising revenue has also contributed to Uber’s profitability. Uber eliminated more than 3,500 jobs in 2020, and executives have since worked to improve its cost structure. For example, they reduced the cost of deliveries. Uber reported net income of $221 million on $9.29 billion in revenue in the third quarter, and in the past four quarters altogether, it generated over $1 billion in profit. According to S&P’s rules, members of the index must have positive earnings in the most recent quarter and over the prior four quarters in total. Constituents of the index must have an adjusted market cap of at least $14.5 billion. Uber has a market cap of about $118 billion, while the median market cap of companies in the S&P 500 is just over $31 billion. Price Momentum UBER is trading near the top of its 52-week range and above its 200-day simple moving average. What does this mean? Investors have been pushing the share price higher, and the stock still appears to have upward momentum. This is a positive sign for the stock's future value.
NYSE:UBERLong
by DEXWireNews
Uber Tests New Uber Tasks Service To Diversify EarningsUber Technologies Inc . (NYSE:UBER) is piloting a new service called Uber Tasks in select markets, aiming to expand beyond its core ride-sharing and food delivery services into the gig economy. The initiative, first reported today, is designed to offer more earning opportunities for Uber's six million drivers and couriers. The pilot program for Uber Tasks will launch in Fort Myers, Florida, and Edmonton, Alberta, Canada. This move follows the company's introduction of new safety measures earlier this week, including an expanded rider verification program and the "Record My Ride" feature that allows drivers to record trips using an iPhone's front-facing camera. Uber Tasks will enable app users to hire gig workers for household tasks such as furniture assembly, lawn mowing, snow removal, packing/unpacking, holiday decorating, and yard cleanup. Drivers and couriers can see earnings estimates before signing up for tasks. This strategic expansion could position Uber as a formidable competitor in the gig economy landscape, currently dominated by platforms like TaskRabbit, Thumbtack, Handy, and Angi. TaskRabbit, acquired by IKEA in 2017 after raising $38 million, could face significant competition from Uber if Uber Tasks expands globally. However, challenges such as competition from newer players like Revel and safety concerns highlighted by a consolidated lawsuit involving 3,800 riders alleging sexual assault by drivers may impact the service's success. Despite these potential hurdles and posting over $9 billion in revenue last quarter—the smallest growth in two years—Uber is seeking new growth avenues as the ride-sharing and food delivery markets become increasingly saturated. The company's recent ventures include a "Return a Package" service launched last month and plans to start accepting FSA payments from 2024. These initiatives are part of Uber's broader strategy to diversify its offerings and revenue streams amidst heated competition from other delivery apps like DoorDash (NASDAQ:DASH) and Instacart (NASDAQ:CART). Technical Analysist Price Momentum UBER is trading near the top of its 52-week range and above its 200-day simple moving average. What does this mean? Investors have been pushing the share price higher, and the stock still appears to have upward momentum. This is a positive sign for the stock's future value.
NYSE:UBERLong
by DEXWireNews
Uber Stock: Relative Strength Hits New HighWith its earnings report out of the way, Uber stock is breaking out from a double bottom base pattern with a 49.19 buy point. On the stock market today, Uber shares are up 3.8% to 49.90 in recent action. Uber released earnings results Tuesday morning. Third-quarter earnings and fourth-quarter bookings guidance topped estimates. Revenue was short of expectations, however, which the company pinned on accounting changes. The stock traded lower premarket but has since recovered to post significant gains. Overall, Uber shares have gained more than 90% this year. Uber Stock: Q3 Earnings Beat, Revenue Light Early Tuesday, Uber reported third-quarter earnings of 10 cents per share on sales of $9.29 billion for the third quarter ending Sept. 30. Analysts expected Uber to post earnings of 7 cents per share on sales of $9.54 billion, according to FactSet. Some other estimates had called for earnings of 12 cents per share. In the same quarter last year, Uber lost 61 cents per share on $8.34 billion in revenue. Total third-quarter bookings climbed 21% year over year to $35.3 billion, compared to expectations of $34.6 billion. Bookings for the Rides business climbed 31% year over year to $17.9 billion. Bookings for the Eats, or delivery, business climbed 18% to $16.1 billion. Uber routed 2.4 billion trips during the quarter, up 25% from the same period last year. The 10% revenue gain marked a sixth straight quarter of decelerating sales growth. However, the company noted that some accounting changes contributed to the lower than expected sales number. Uber Chief Financial Officer Nelson Chai said in prepared remarks that the changes reduced revenue by $521 million for the quarter. Second Straight Operating Profit, Strong Outlook Uber reported a third-quarter operating income of $394 million, compared to a loss of $495 million last year. The second quarter was Uber's first ever with a profit from its ride-hailing and delivery operations. Net income for the third quarter was $221 million, recognizing a $96 million headwind that is primarily from unrealized losses on Uber's equity investments. For the current fourth quarter, Uber projects gross bookings between $36.5 billion and $37.5 billion. Analysts were estimating $36.52 billion. Analysts largely saw positives from the report. Uber Stock: Relative Strength Hits New High Uber stock's Relative Strength Rating score is at 96 out of a best-possible 99, indicating it is significantly outperforming the market. Technical Analysis Price Momentum UBER is trading near the top of its 52-week range and above its 200-day simple moving average. What does this mean? Investors have been pushing the share price higher, and the stock still appears to have upward momentum. This is a positive sign for the stock's future value.
NYSE:UBERLong
by DEXWireNews
Buying Uber on dips.Uber Technologies - 30d expiry - We look to Buy at 45.45 (stop at 42.95) Daily signals are bullish. Intraday dips continue to attract buyers and there is no clear indication that this sequence for trading is coming to an end. We look to buy dips. The 50 day moving average should provide support at 45.20. Dip buying offers good risk/reward. Our profit targets will be 51.45 and 52.45 Resistance: 49.49 / 50.00 / 52.00 Support: 47.28 / 45.25 / 42.95 Please be advised that the in formation presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group
NYSE:UBERLong
by VantageMarkets
UBER Bullish Pennants for ContinuationUBER on the 15-minute chart this week has printed a small bullish pennant pattern then continued into another larger print of the same pattern. The Price Volume Trend Oscillator went red to green as the initiation of this trend over the past two days. Trading volumes have pushed prices and are in the range of double the moving average. The zero-lag MACD indicator shows a pattern of bullish momentum in the mornings followed by fades at lunch and afternoons. I believe that this 5-6% trend up has another 1-2 days to go before a profit-taking session to close out the trading week.
NYSE:UBERLong
by AwesomeAvani
UBER 10 FEB 32/17 FEB 30 DIAGONAL CALLBULL PULLBACK SETUP Detailed definition of setup and what market conditions are desirable: I've had UBER on my watchlist since about the end of December. And since about August of 22', it's kind of been trading between 31.57 and 26.06. So I was curious to see if it would make it's way back into that sideways channel and so we're here now. And even though overall market sentiment is bearish, UBER has had good momentum to the upside since the end of December. Detailed Definition of the trigger (entry point) used to enter position: On January 18th, UBER made a new swing high so I was anticipating a pull back to come. The 19th it retraced back to a support/resistance area of 28.36. I placed an alert to notify me once it traded above the 18th's high which I set at 29.29. It triggered this morning. Detailed Definition used to determine Stops (abandon or adjust) No stops. I'm set up for max loss risking less than 2% of my portfolio. TRADE SETUP Uptrend: Stock made a new swing high on the 18th. It's also trading above a rising 50-day SMA. The pullback brought this back to prior support/resistance level of 28.36. On the pullback, there was lower or equal volume on pullback and I'll be using yesterdays candle as my reversal candle at area of support of 28.36. How strike prices and expiration dates are selected Let's take a look at the hour chart. I drew a trend line from the low of the 27th, and the low of October 11th 2022. I was debating on which strike prices I wanted because there wa an option of a strike price of 31.50. But I decided to go with the 32 strike because I anticipate that it will want to blow through the 31.57 zone I have, and do something similar to what happened between September 9th 2022 and September 21st 2022. uber announces earnings February 8th so I went with the Feb. 10th expiration with the anticipation that this will run up higher going into earnings. So I plan on closing this out no matter what before the 8th. Position management strategies when the stock goes lower If this goes lower, I'll just let expire worthless and move on to the next trade. I'm set up for max loss Position management strategies when the stock goes sideways If this goes sideway I'd be ok with that. It would have to trade between 30.05 and 28.36 but then I'd want to see this run up before earnings. If it just stays in this range for the next three weeks, I'll let it expire worthless and move on. Position management strategies when the stock goes higher Ok, so if this thing blows through 31.57 before February 7th, I'm going to hang on to this to see if this drifts back down to the apex of the trade. But if it decides to hang out above 32 by Feb 7th, then I'll close out the entire combo because I don't want to keep this going into earnings. Position management strategy at expiration I'm not going to hold this until expiration. it needs to be close out on, or before February 7th.
NYSE:UBERLong
by MMOTA_