False Breakout?

The chart of Uber is similar to biotech XBI, from last year, link here.

Back then, it looked like there was a breakout from a trading channel.

That update said:

“If the trendline is in-effect, meaning the market’s hanging in mid-air in a false breakout, getting back into that trend may result in some dramatic downside action.”

That’s what happened. Biotech collapsed in to the ‘Tariff’ meltdown.

Is that where we are now, with UBER? (not advice, not a recommendation).

Stay Tuned

Charts by StockCharts

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The Danger Point®, trade mark: No. 6,505,279