Swing Trade Idea – (UBER) – July 16, 2020
Our bullish trade for Thursday, July 16th is UBER (Uber Technologies Inc). UBER is part of the Technology Sector (XLK). XLK has experienced a 7.24% gain in the last month and its 1M and 6M trends turned bullish on April 8th and April 22nd respectively.
UBER’s 1M and 6M trend turned neutral on July 15th and has recently formed an inverted head and shoulders pattern. With a technical score of 6 (out of 10), UBER is a neutral stock that will likely move higher.
As a stop loss, if UBER were to trade below $28.00 for multiple days, this would invalidate our analysis and we would focus on cutting losses on the trade. We would also consider cutting losses on this options trade if the value of the vertical spread moves above $3.00.
