Uber stock is poised to rally

Uber Stock stock is poised to rally after reaching a monthly imbalance last September 2021. We’ve been talking about the future of Uber stock for some time in the online trading academy at Set and Forget.

Uber Technologies develops and operates proprietary technology applications in many countries. Uber’s service connects consumers with independent providers of ride services for ridesharing services and other forms of transportation services, including public transit, and now also connecting riders and other consumers with restaurants with Uber Eats.

Watch Uber stock forecast and analysis in the short video below.

Uber stock forecast

Uber stock imbalance was located at $38.52 we discussed a few weeks ago in the trading community has been reached. Since then, Uber stock forecast has been nailed. The stock has rallied 23% since the imbalance was reached.

Uber stock price October 2021
Uber stock price October 2021

Uber stock price today

As supply and demand traders, we do not need to pay attention to the news, fundamentals or any earnings reports. Once a big timeframe imbalance has gained control, earnings do just the opposite and react strongly to those imbalances. Why is it that you see positive earnings and then the underlying stock drops like a rock, or a negative earnings announcement and the stock rallies like a rocket out of control? You are probably missing the fact that there are big imbalances gaining control.

Unless you are doing very short term trading and scalping, you should not worry about fundamentals or earnings announcements on Uber stock.

You can use these imbalances to plan your trades in lower timeframes. Trading is just waiting for the right trigger points and scenarios to present themselves, this game has got a name and it’s called the waiting game. We need to patiently wait for the correct scenarios and setups to happen and wait for the price to pull back or dip into the price levels we want to trade, in our case these price levels are made of supply and demand imbalances.

If you want to learn how to trade using our supply and demand trading strategy, join our supply and demand stock trading course.

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