$U Breaking Above 50 DMA

1 Des 2023

U has been a bit of a troubled stock. However, they did beat on earnings, and they have announced 265 job cuts and office closures to boost profit.

I am taking a chance here on a "turnaround play." I opened a ¼ size position just a bit ago. I’ll place my stop just under the low of the day (that’s about a 9% stop, bigger than I like but it has moved that much today, hence the smaller position size).

I like the volume on earnings day along with follow-up volume the next day. It is on track today to be about 150% of the last 10 days average volume so buyers are showing up. Although it is now above its 50 DMA it has yet to cross the 40-week MA (white) and just above that in light green is the 18-month AVWAP. Those could be strong areas of resistance, TBD.

Ideas, not investing / trading advice. Comments always welcome. Thanks for looking.

1 Des 2023

Catatan

Correction on todays volume. It is looking like it will be around 110% to 120% of last 10 days. So not tracking as good as I thought. Still it's good volume and buyers are in control for now.

4 Des 2023

Catatan

U I have brought this up to a 1/2 sized position based on the VCP pattern on the 5 min chart. I have a tight stop at the most recent low on this 5 min chart.

7 Des 2023

Catatan

U I am already long this stock and underwater a bit. Having said that we have a nice little pennant formation along with a Volatility Contraction and declining volume as it pulled back from my entry. IF, U breaks higher I'll add to my position. If however, it brakes to the downside, I will close out and wait for another set-up. All TBD.

8 Des 2023

Trade aktif

U this broke to the upside as I had wanted. I have added to bring this up to a 3/4 size position. Stop this tranche will be todays low.
Let's see what happens.

12 Des 2023

Catatan

U is my second largest position ( ARKK is #1). It is finally making some progress here.

13 Des 2023

Catatan

U we are now right up against the 40 Week MA. Let's see if it can get up and over. This "could" be potential resistance. TBD.

13 Des 2023

Catatan

U I have taken 1/2 of my position off here as it backs away from the 40 Week MA and it is also fed day. No need to risk losing a gain of 3.3% so far. I will place a stop now for breakeven on the remainder so no lose trade at this point.