UBER Oversold Bounce| Structural Resistance| .50 Fibonacci
Evening Traders,
Today’s Technical Analysis will focus on UBER, with an insane oversold bounce, over 100% gain, currently testing a key resistance that will dictate the overall macro trend.
Points to consider,
- Oversold bounce still in fruition
- Structural resistance in confluence
- Stochastics projected up
- RSI hitting resistance
- Noticeable bull volume nodes
- Daily lower high likely
UBER is currently in an oversold bounce, testing a key structural resistance that is in confluence with the .50 Fibonacci level.
The stochastics is projected up, still has more stored momentum to the upside whilst the RSI is testing its resistance. It is likely to break in conjunction with the upside momentum of the stochastics.
There are noticeable bull volume nodes, driving the oversold bounce, this must sustain if structural resistance is to be broken.
Overall, in my opinion, UBER is testing a critical level on the macro timeframe. A rejection will be in favour of the bears, putting in lower high. A break and consolidation however, will increase the likelihood of testing upper level, thus changing the macro structure.
What are your thoughts?
Please leave a like and comment,
And remember,
“In order to succeed, you first have to be willing to experience failure.”
― Yvan Byeajee
Today’s Technical Analysis will focus on UBER, with an insane oversold bounce, over 100% gain, currently testing a key resistance that will dictate the overall macro trend.
Points to consider,
- Oversold bounce still in fruition
- Structural resistance in confluence
- Stochastics projected up
- RSI hitting resistance
- Noticeable bull volume nodes
- Daily lower high likely
UBER is currently in an oversold bounce, testing a key structural resistance that is in confluence with the .50 Fibonacci level.
The stochastics is projected up, still has more stored momentum to the upside whilst the RSI is testing its resistance. It is likely to break in conjunction with the upside momentum of the stochastics.
There are noticeable bull volume nodes, driving the oversold bounce, this must sustain if structural resistance is to be broken.
Overall, in my opinion, UBER is testing a critical level on the macro timeframe. A rejection will be in favour of the bears, putting in lower high. A break and consolidation however, will increase the likelihood of testing upper level, thus changing the macro structure.
What are your thoughts?
Please leave a like and comment,
And remember,
“In order to succeed, you first have to be willing to experience failure.”
― Yvan Byeajee