UBER Is Looking Vulnerable

[Trading With Larry Benedict]( Larry’s Note: When the stock market feels uncertain, people often look to other types of assets for better returns. One popular asset these days is cryptocurrency – particularly Bitcoin. Bitcoin can be volatile, though. And not everyone wants to deal with exchanges and the various complexities of crypto. That’s why I’ve spent over 18 months looking for an alternative way to profit from this asset class. And I’ve found it – a way to profit from Bitcoin without having to buy a single cent of crypto. I call it [“bitcoin skimming.”]( As we’ve tested this strategy, we’ve seen how it can bring even bigger profits than just buying and holding bitcoin. It’s possible to [make $4,898 or more in as little as a week](. That’s why I’ve started putting together an event to show you how it works – so you can start “skimming” too. It’s coming up on October 25 at 8 p.m. ET. I’d love to have you join me there. So please set aside time to tune in and [RSVP right here]( to make sure you don’t miss a thing. UBER Is Looking Vulnerable By Larry Benedict, editor, Trading With Larry Benedict After a false rally at the start of 2023, shares in Uber Technologies (UBER) began rising strongly in May. That upmove came off the back of a big Q1 earnings beat that saw UBER gap higher. By late July, the ride-hailing company’s stock price had doubled since early January. But UBER’s rally came to an end with a Q2 revenue miss in early August. As you can see in the chart below, UBER has been tracking in a sideways pattern from there. So with UBER’s next earnings scheduled just a few weeks away, today I want to see what’s coming next… Recommended Link [He turns down CNBC and instead reveals his “Millionaire Secret” here]( [image]( During the 2008 financial crisis, millionaire trader Jeff Clark stunned the world when he managed to double his readers’ money 26 TIMES… CNBC caught wind of this and asked Jeff to come on live TV to explain his secret. Jeff politely said no. Choosing rather to reveal how anyone can collect huge gains in just 8 days… in bullish AND bearish markets… Focusing on only ONE stock. [(Ticker revealed here)]( Jeff says: “I am tired of watching as investors lose their shirts buying risky assets… even my OWN SON lost -60% in crypto & tech stocks… now I’m going to give him a “Financial Intervention” to help him win his account back in 2023!” [Click Here to Watch Jeff Demonstrate This ONE Stock Secret.]( -- Transitioning Pattern Uber’s stock retraced at the end of last year. But UBER burst higher in early January. Yet as the chart below shows, that initial jump soon reversed. UBER traded lower from February through April: Uber Technologies (UBER) [Image] Source: eSignal That rally after UBER’s Q1 earnings coincided with two bullish signals… - The relative strength index (RSI) broke through resistance (green line) and gained traction in the upper half of its range. That’s where it remained until UBER peaked at “A.” - The 10-day moving average (MA, red line) broke above the longer-term 50-day MA (blue line), with both MAs then tracking higher. But after peaking at “A,” you can see a clear change in our indicators… The 50-day MA had been in a long-term uptrend since January. But it started trading flat. The 10-day MA also crossed the 50-day MA multiple times in both directions – a classic sideways pattern. The other thing you’ll notice is the change in action from the RSI… Since May, the RSI tracked close to or within overbought territory (upper gray dashed line) throughout UBER’s rally. Free Trading Resources Have you checked out Larry's free trading resources on his website? It contains a full trading glossary to help kickstart your trading career – at zero cost to you. Just [click here]( to check it out. You’ll often see this when a stock is rallying strongly, as it reflects a high level of buying momentum. After hitting its peak at “A,” though, the RSI retraced and has been tracking closely to the support/resistance level (green line). The only exception was when UBER briefly rallied up to its lower high at “B.” Yet it’s the most recent chart action that has really caught my eye… UBER tested and held short-term support since August (orange line). But the chart shows that UBER recently traded below that level. Take another look: Uber Technologies (UBER) [Image] Source: eSignal And this happened right as the RSI broke back into its lower range. So what am I looking for next? Testing Support The most immediate thing I’ll be watching this coming week is the action of the RSI. If it continues to track in its lower range, that will drag UBER below short-term support. A prolonged move by the RSI in its lower band could see UBER testing the $40 level. Beyond that, the other thing I’ll be watching is our two MAs. As I mentioned, the 10-day MA has been crisscrossing the 50-day MA in a common sideways pattern. The 10-day MA breaking further below the 50-day MA (with both MAs tracking lower) would add further evidence of an emerging down move. Regards, Larry Benedict Editor, Trading With Larry Benedict Mailbag Do you think UBER will stay low? Let us know at feedback@opportunistictrader.com. IN CASE YOU MISSED IT… [The One Ticker Retirement Plan]( Over the Shoulder Demo Now Available Market Wizard Larry Benedict crushed the market in 2022. But he didn't do it with a “traditional” method… For a limited time, he’s sharing a free over-the-shoulder “demo” of his strategy in action. It takes less than 10 seconds… [Watch it here.]( [image]( [The Opportunistic Trader]( The Opportunistic Trader 55 NE 5th Avenue, Delray Beach, FL 33483 [www.opportunistictrader.com]( To ensure our emails continue reaching your inbox, please [add our email address]( to your address book. This editorial email containing advertisements was sent to {EMAIL} because you subscribed to this service. To stop receiving these emails, click [here](. The Opportunistic Trader welcomes your feedback and questions. But please note: The law prohibits us from giving personalized advice. To contact Customer Service, call toll free Domestic/International: 1-888-208-6550, Mon–Fri, 9am–5pm ET, or email us [here](mailto:feedback@opportunistictrader.com). © 2023 Omnia Research, LLC. All rights reserved. Any reproduction, copying, or redistribution of our content, in whole or in part, is prohibited without written permission from Omnia Research, LLC. [Privacy Policy]( | [Terms of Use](