Mid-Week Update: Taking a Short Ride in Uber Stock
This past Monday, we issued a new short idea on Uber Technologies, Inc. (UBER), the $58 billion ridesharing and technology company.
At the time of the alert, here’s how the chart was setting up…
The daily time frame was in a downtrend and had just bumped up against the short-term downtrend line.
On the hourly time frame, the market broke the short-term uptrend line and entered into the sell zone.
Following the alert, we recorded a short entry on Oct. 31 at $26.82 in our Trade Tracker.
But when the stock reported its latest quarterly earnings on Tuesday morning, the shares jumped sharply and opened above our stop loss level at $28.73.
Therefore, we recorded an exit price of $30.23 on the trade idea for a loss of 12.7%.
With November now fully underway, I’ll be looking for another new idea to bring you in the coming weeks.
When I have the next trade ready, I’ll let you know. Stay tuned!
Get The Full Rundown
To get the full rundown on this week’s markets and our latest discussions, be sure to check out today’s session recording on our website…
And for the latest on all of our stocks, click here.
Keep on trading,
Josh Martinez
Editor, Money Magnet Express
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