$UBER - SEQUENCE OF BULLISH HINTS The aggressive breakout that occurred back in November 2021 was beautiful.
Shame the market was, by then, reaching its last hurrah and this stock, like roughly 80 % of them, could not fight against a bear market. Yes, no matter how sexy your setup is, a bear market is a bear market.
This market is still a young one though, which needs to be marketed, and it is now, one year and something afterwards, displaying some interesting bullish signals.
Here's an interesting sequence of events happening in this market:
- July 2021: break below the 10 EMA and a next downtrend followed as trailed by that same EMA.
- August 2022: discrete bullish bump & run reversal pattern completed with a strong bullish candle.
- November 2022: Break above the downward sloping trendline.
- January 2023: Strong breakout above the same 10 EMA which had been trailing the downturned for months. Simultaneously, it became confirmed that this market failed to make new lower lows for this first time since its downtrend had started.
- February 2023: The candle has not closed yet. Should it close as is or similar, then we have:
1. a new higher high
2. a definite break of the previous structure
3. a confirmed uptrend
4. coming from a value zone, which might render it as well as a good trigger for a bullish trade.
Remember that this is just a perspective among many possible ones. No matter what your perspective is, or whether you agree with this or not, please do not forget to manage risk. That's the base of the trading piramid, without which all the rest is worthless.
Cheers,
Tenacious Tribe
