Uber doesn’t have much price history, but today’s bounce from within an inch of a midpoint Hidden Pivot encourages the thought that predictable opportunities will be relatively easy to discern. If so, we can look forward to bottom-fishing should the stock fall to the 35.29 target of the pattern shown. It will remain viable as long as 44.06 is not exceeded to the upside. If sellers had achieved 38.50 or so in the early going on Monday, this rally might have offered an enticing way to get short ‘mechanically.’ However, the turn from the red line suggests that there is too much short-covering at the moment for UBER to relapse without giving bears a hard time. _______ UPDATE (Jun 5, 5:53 p.m.): Uber traded above the IPO high Wednesday. Let’s plan on shorting 400 shares if it hits 47.13. A 47.21 stop is advised. _______ UPDATE (June 10, 9:27 p.m.): The stock plunged without getting near our 47.13 short offer, so cancel it.
UBER – Uber.com (Last:42.62)