Uber (UBER) – Headwinds Ahead – Sept 12th, 2019
S&P 500 Market Outlook: Bullish
Bearish Trade: UBER $34.00 – Technology
The bearish DailyPlay we chose for Thursday, Sept 12th is Uber (UBER). UBER is part of the Technology Sector (XLK). XLK has rallied 4.98% higher over the past month and its 1m and 6m trend remains bullish but has reached overbought conditions and recently was rejected at $82 resistance.
UBER’s 1m trend turned neutral on Sept 9th and recently bounced lower off its $35 resistance level. With a technical score of 2 (out of 10), UBER is a weak stock that will likely continue lower.
As a stop loss, if UBER was to trade above $35 for multiple days, this would invalidate our analysis and suggest cutting losses on the trade.
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