Tesla struggled above resistance, near all-time highs for nine trading days, before reversing lower.
Now, as shown, it’s posted a new daily low … below established support.
Watch price action into the close for a rally attempt; if it happens, risk is narrowed on a short trade, i.e., today’s high (not advice, not a recommendation).
Separately, Uber trade UBER-26-01, was closed out in the pre-market at break-even, before launching higher in the regular session (not advice, not a recommendation)
Note: Posts on this site are for education purposes only. They provide one firm’s insight on the markets. Not investment advice. See additional disclaimer here.
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).
Note: Posts on this site are for education purposes only. They provide one firm’s insight on the markets. Not investment advice. See additional disclaimer here.
Carvana, launched itself above resistance at Friday’s close. In so doing, got itself into another wedge.
Now we have Expedia, looking eerily similar (not advice, not a recommendation).
Like eBay, we’ll start with the long term, quarterly chart.
Expedia EXPE, Quarterly
The latest earnings release pushed EXPE up, contacting the upper trendline.
A gap higher and close of +17.55%, in one day.
EXPE has since backed off the all-time high; currently down about -8.5%.
Edge of The Wedge
The following is a partial list of tickers either forming a (monthly) terminating wedge, or have broken out to the downside (not advice, not a recommendation)
Note: Posts on this site are for education purposes only. They provide one firm’s insight on the markets. Not investment advice. See additional disclaimer here.
Note: Posts on this site are for education purposes only. They provide one firm’s insight on the markets. Not investment advice. See additional disclaimer here.
It’s not really the morning after but being the day after Friday’s action, we’ll call it even.
Two shorts closed and three opened.
Both the XLF, and UBER, shorts were closed; one with profit, one not. Then, three more opened (not advice, not a recommendation).
As stated in the comments on this previous post, it’s possible the banking index KRE, is not going to make it to Fibonacci Day 34, this Wednesday.
Time counts are always secondary to price action.
Next up, is the silver market.
It’s a no-brainer that something’s ready to break. The press and YouTubers, et al., would have you believe that were finally ‘putting it to the man’. The ‘paper manipulation’ is over, so it goes.
Mabe that’s right this time around.
However, I’ll stick with the market-makers that have been in control since the buttonwood tree. 🙂
Note: Posts on this site are for education purposes only. They provide one firm’s insight on the markets. Not investment advice. See additional disclaimer here.
Note: Posts on this site are for education purposes only. They provide one firm’s insight on the markets. Not investment advice. See additional disclaimer here.
Note: Posts on this site are for education purposes only. They provide one firm’s insight on the markets. Not investment advice. See additional disclaimer here.
UBER’s earnings were stellar; why’s the stock heading lower?
From a Wyckoff analysis perspective, the question’s not relevant.
We pay no attention to financial news, or news of any kind.
The real question, ‘What’s the market saying about itself?’
UBER, Daily
The repeating pattern, Spring-to-Up-Thrust, link here.
On a longer, monthly timeframe (not shown), there’s a massive MACD bearish divergence; telling us, opportunity favors the downside (not advice, not a recommendation).
To minimize risk as much as possible, we’re looking for price action to rise into the close, narrowing the distance between entry and stop.
The stop would be (if a trade is placed) at today’s session high (not advice, not a recommendation).
Economic Conditions.
Another interview with Ed Dowd, has surfaced, link here.
As one of the comments noted, ‘this is the best synopsis of actual market conditions presented, to-date’.
Note: Posts on this site are for education purposes only. They provide one firm’s insight on the markets. Not investment advice. See additional disclaimer here.
The Danger Point® 