UBER stock desperately needs to breakout from the box!Hi everyone,
Today we are taking a look at NYSE:UBER price movement.
We are using boxes with levels and fixed term volume profile.
What has been happening?
NYSE:UBER stock is pretty volatile asset in general (leaving out all meme stocks obviously). During last 7 months it has been moving in 37-56 price range with POC at 46-47 level.
Last 2 months, however, the price spent in a consolidation box in the 42-48 zone.
Volume profile for this period is not distributed uniformly, with value zone from 44,5 to 47,3 and POC at 45,5 .
Where are we now?
As of 17th Nov close, we are at the bottom line of the value zone at 44,4 .
Due to the fact that stock price did not close significantly outside the value zone, a reversal to 45,5 POC level is expected.
Moreover, longer-term POC of 46,9 is likely to be revisited.
What to expect?
I want to see profile structure repair at the value zone. That would signal of healthy price development.
Second biggest volume node is at 47 , so I expect POC to migrate there if we stay in the value zone.
Looking even further down the road, break of 48,7 box level takes us to 51,8 .
As always, trade wisely and good luck!
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Disclaimer!!!
This is not financial advise
