UBER long ?NYSE:UBER crossed back above the 50% retracement of the downtrend after consolidating for 20 days and might indicate a reversal if the market continues higher.
Another set of fibs traced from the bottom of the bounce to consolidation zone projects the first target at 32.45 and second at 37.54
A reasonable stop would be set below the support of consolidation at 26.40
3 possible scenarios :
Breakout with no retracement: price hits the first then the second target
Breakout with retracement: price hits the first target, retest the breakout line and continues higher to hit the second target
False Breakout: price reverses back and breaks consolidation support
