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  • Swing Trade Idea (UBER) – March 28, 2024

    Mar 28, 2024 Swing Options Tips Comments Off on Swing Trade Idea (UBER) – March 28, 2024

    Our bearish trade for Thursday, March 28th is Uber Technologies Inc (UBER). UBER is part of the Industrial Sector, which traded at 4.76% over the last month, with UBER underperforming at -0.81% over the same period.

    UBER has a strong rally since November 2023 and has traded into an area of resistance at $80. It is showing signs of exhaustion as it is pulling back from this level of resistance, with the next support at around $73 and then $63.

    As a close, if UBER were to trade below $80 for multiple days, this would invalidate our analysis and we will consider cutting losses on the trade. We will also consider cutting losses on this options trade if the value of the vertical spread moves above $5.74.

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