UBER beat its earnings estimates however, it missed on its first quarter revenues. As a result, UBER gapped down after its earnings report and in my view is currently on a downtrend and I would operate under that assumption until it fills that gap. Conservatively speaking I'm looking for a gap filled price that closes with a daily price of about $53.
Based on everything I'm seeing I would look to short UBER when it provides some form of mean reversion at -2ATR or a more favorable -1ATR.
Looking at potential Buy opportunities I would look to the weekly time frame and I would look to start scaling in my position at -2ATR with a price of around $42.50-$41.75.
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