Uber Technologies Stock Could Make a Move Higher

UBER has several layers of support in place

May 9, 2023 at 2:07 PM
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Subscribers to Schaeffer's Weekend Trader options recommendation service received this UBER commentary on Sunday night, along with a detailed options trade recommendation -- including complete entry and exit parameters. Learn more about why Weekend Trader is one of our most popular options trading services.

Uber Technologies Inc (NYSE:UBER) staged a pre-earnings pullback to its 200-day moving average before a post-earnings bull gap. Plus, the stock just closed above $36.83 – its earnings reaction close – and $37.10, which coincides with its round 50% year-to-date gain.

UBER May5

Since early January, UBER has seen an 83% increase in short interest, with most of the building occurring during its February-April weakness. While the earnings reaction could’ve given shorts a reason to get active, they didn’t take the bait. With these shorts now underwater, the shares are less vulnerable to shorts pressing their bets, and covering action could push the stock higher.
 
Schaeffer’s Volatility Index (SVI) of 37% ranks in the low 4th percentile of its annual range, meaning options traders are pricing in low volatility expectations at the moment.

Our recommended call has a leverage ratio of 3.9 and will double on a 25.8% rise in the underlying equity.

 

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