Today, we’re buying the king of ride-sharing…

Uber Technologies (UBER) operates the world’s largest ride-hailing service, as well as one of the most popular food delivery apps: Uber Eats.

Uber is also one of the leaders of this bull market. Its share price surged more than 300% between June 2022 and February 2024.

It’s since taken a much-needed breather. Over the past few months, UBER has pulled back 23%.

However, the worst appears to be over. You can see what I mean below.

UBER recently retested and bounced off its prior cycle (early 2021) highs. It also found support at its rising 40-week moving average: 

In short, UBER appears to have bottomed. Not only that, but it looks poised to begin its next leg higher.

Last week, UBER closed above its 10-week moving average for the first time in months. That’s why we’re putting this trade on today.

I suggest putting on a starter position today. I believe UBER could hit $100 within the next 18 months.

Exit your position if UBER closes below $65. That gives us a risk-reward ratio of nearly 6:1 on this trade.

Action to take: Buy UBER at current market prices.

Risk management: Exit your position if UBER closes below $65.

Justin SpittlerChief Trader, RiskHedge