UBER Swing Trade Looking at a Breaking Support Level

Piker are bearish on Uber here with a swing trade looking at a move that would see a drop of 10% from 43.80 to 38. This thesis of a trade is based on the current chart, which has $UBER hitting a support level around 43.80-42.99. You can see on the chart, there is a lot of support here but keeps getting test.

When a support or resistance area keeps getting tested the weaker it gets.


The price action over the last 3 months has created a nice descending triangle, with a 10 point move. If you are looking to trade this you would enter it if $UBER breaks below 43.80ish and then set a stop above that. I am trading this using options this time but still using the same concept. The risk reward here is nice with a 1% to 5% stop-loss and a potential 10% profit target.

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