[isatrader]

I've posted about $UBER a few times this week on twitter since it came up in the watchlist on Wednesday. 

It confirmed the Stage 2A breakout attempt on 4th November, by closing the week above the Stage 1 base and the three most recent swing highs that had formed this year on more than 2x average weekly volume and with the relative strength moving to a near term high above a newly rising zero line.

So it met the four key criteria that we look for in at the Investor method entry point, and held up through its earnings results. Also of note was the large Volatility Contraction Pattern (VCP) that it formed through the Stage 1 base, which is something I always look for as it shows that the selling pressure is reducing in the stock and hence the path of least resistance is then more likely higher.

Growth in institutional ownership of shares is +263% YoY

Attached is the weekly and daily charts.

           

With $UBER breaking out into Stage 2 this week, it's important to look at what other stocks in its group are doing to help confirm the move. $LYFT is the main competitor & is currently forming a Stage 1 base, but got its highest ever volume this week as it put in a higher low. So that's a positive for the UBER breakout, as shows there's institutional interest in the group, and UBER is the emerging leading stock of the group.