UBER story

UBER story

On the 6th of November, the Google Trends registered spike of mass interest in UBER #stock.

Headlines of Popular Media was Negative. Earnings news was disappointed.
Here is an example from CNBC. Jim Cramer is pessimistic about Uber.

But let’s look at the chart.

  1. On those days, price did hit the bottom line A of down-wave-channel. Study the price and volume. Narrow range and extremely high volume. This volume is bigger than IPO volume. What does this all mean? People started to SELL “toxic stock”, but professional money entered the market in order to absorb the falling stock. Why? Probably they know some insightful information and they have positive expectations about UBER? Chart tells – very possible. That is why we got so heavy volume in narrow bar.
  2. Big activity sustained on the next days as well.
  3. It looks like DB. This green bar suggests that big volume in 26-27 zone reflected the strength (Accumulation).

What is next? I expect some more bearish impulses caused by lines B and C. But in longterm, UBER has bright projection.

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