UBER Trade on Nov 4, 2020 09:35 from Cklamb: Tradervue User Stock Trades.

UBER
Intraday Fundamentals
• hares of Uber Technologies Inc. ( UBER ) shot up 11.0% toward a near 9-month high in premarket trading Wednesday, after the ride-hailing company won an election fight in California , where the passing of Proposition 22 (http://

11604469037) allows drivers to be considered independent contractors instead of employees. Rival Lyft Inc.'s stock (LYFT) soared 14.9% ahead of the open. The stocks had been under pressure heading into the election, with Uber 's stock down 5.2% over the past month and Lyft shares down 5.1%, while the S&P 500 gained 0.6%. "With the controversial AB5 legislation enacted in the State of California which was focused on classifying drivers as employees and not contractors, in essence the underlying business models for Uber and Lyft were hanging in the balance if Prop 22 did not pass in California to keep the contractor model," Wedbush analyst Dan Ives wrote in a note to clients. "Taking a step back, this removes a significant overhang and dark cloud for the likes of Uber and Lyft and ends this 'head scratching' AB5 legislation chapter that was a major threat to the future of the Gig Economy and thousands of drivers throughout California ."
Technical Stats
Daily

Hourly

Intra

Trading Strategy
• long 38.31 if it pulls back to there
• long a 40 on a pullback if this breaks 41 at the open and take a breather.
Reading the Tape
I got great stall on the opening short that should have led me to hold that position a bit longer.
Trade Management
Trade Notes

I had planned on trying this off 40. there was no reason to try this on a bounce into 41. Starting this at the 40.32 or even at 40 would have made this easier to swallow. However, the adds and takes were good with the add at .60 taking it off at.98. The adds at .57 and .61 that came off at .61 and .8. The last add and the scale out from there was solid one at .47 , a little short of ideal on the .76, .22 and then the failure of VWAP. If not for the bad mid -range and unplanned entry, this would have been a solid way to play this level using the pm low as support.