UBER Short| 200MA| S/R Flip| Supply Zone| Range Support

31 Jul 2020Evening Traders,

Today’s analysis –UBER- breaking range support bearish, the immediate target is the supply zone upon a valid bearish retest.

Points to consider,
- Macro trend bearish
- Range support S/R flip
- 200 MA resistance
- Oscillators below 50
- Volume below average

UBER’s macro trend has established consecutive lower highs, this helps determine the directional bias on the market being bearish.

Price action broke range support; a bearish retest of the level will solidify it as resistance, confirming an S/R Flip.

The 200 MA is a strong resistance that is in confluence with range support. This further solidifies the bearish bias on the market.

Volume is currently trading below average; an influx is likely at the test of the support zone, profit taking area.

Overall, in my opinion, a bearish retest of range support will allow for a short entry with defined risk. Discretion in accordance to price action must be used upon trade managemen
t.
What are your thoughts?

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And remember,

“You will never find fulfillment trading the markets if you don't learn to appreciate and be satisfied with what you already have.”
― Yvan Byeajee