$UBER - descending channel playUber has been in descending channel and recently bounced off of the lower trend line and heading towards the upper trend line.
To reach to the upper trend line it will have to break through 39.20, 42.39 and $45 fib resistance areas.
Break above $45 is considered pattern breakout and could propel the stock to $55 area.
Target 1 - $47.50
Target 2 - $50
Target 3 - $55
Risk - unable to break above $39.20 and revisiting $34 area.
Stop loss should be below $34.
Worst case is $25.68.
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How to read my charts?
- Matching color trend lines shows the pattern. Sometimes a chart can have multiple patterns. Each pattern will have matching color trend lines.
- The yellow horizontal lines shows support and resistance areas.
- Fib lines also shows support and resistance areas.
- The dotted white lines shows price projection for breakout or breakdown target.
Disclaimer: Do your own DD. Not an investment advice.
