Uber Might Be Driving Higher
Uber Technologies has consolidated for the last two months, but some traders may think it’s still driving higher.
The first pattern today’s chart is the basing pattern that began in August. UBER managed to remain above its July low, even as the broader market tested levels from June. That may reflect relative strength and indicate it’s under accumulation.
Second is the more recent pair of rallies and pullbacks, each with higher highs and higher lows. They could be viewed as bullish flags.
Third, those bounces occurred above the 50-day simple moving average. Is the intermediate-term trend still rising?
Finally, MACD has started rising in the last three weeks.
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This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing in cryptocurrencies involves significant risks. Please click here for TradeStation Crypto’s risk disclosures on investing and trading in cryptocurrencies.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
The first pattern today’s chart is the basing pattern that began in August. UBER managed to remain above its July low, even as the broader market tested levels from June. That may reflect relative strength and indicate it’s under accumulation.
Second is the more recent pair of rallies and pullbacks, each with higher highs and higher lows. They could be viewed as bullish flags.
Third, those bounces occurred above the 50-day simple moving average. Is the intermediate-term trend still rising?
Finally, MACD has started rising in the last three weeks.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing in cryptocurrencies involves significant risks. Please click here for TradeStation Crypto’s risk disclosures on investing and trading in cryptocurrencies.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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