UBER has been hot recently after making a bottom base and squeezing out shorts last month. For the past few days UBER has been consolidating in a tight pennant pattern and is looking for another leg up. I am expecting UBER to reach the IPO price as some point soon. I decided to go long UBER despite the not so optimal market conditions for longs. I do believe we are at a short term bottom for this current market pullback and a small bounce is due. In order to control risk, I reduced my initial size to 1/3rd and may choose to scale in more in the future if market conditions improve.
Entry - 37.42
Stop Loss - 36.95
Target - 42.00