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Stock Trade Idea: Looking to Sell UBER on Pullbacks | Nov 14
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UBER – New Taxes + Bearish Impulsive Price Action = Wanting to Sell (4hr chart)
Price Action Context
Back in our mid-October stock market commentary, we recommended selling UBER on a pullback towards resistance. While the stock managed a solid pullback, it failed to make any significant gains and has sold off heavily in the last few days, making a new low for the stock.
With New Jersey finding the company liable for taxes unpaid, and California changing legislation which will increase their costs by up to 20%, we suspect not many investors will be buyers in the short and medium term, thus expecting downward pressure on the stock.
ST & MT bearish while below 36 on a weekly closing basis. Traders not already short can watch the ST corrective structure for potential trading opportunities.
Key Support & Resistance Levels
R: 33.75, 36
S: 25.80, 20
Stay tuned to the member market commentary for updates.
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