Bullish Option Flow Detected In $UBER Stock On EU Proposal

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  • Reading time:5 mins read
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Bullish option flow was detected in UBER stock on December 10, 2021, as an EU proposal circulated that gives more labor rights to Uber.

EU proposes to give more labor rights to Uber, Deliveroo workers

On December 9, 2021, the European Commission has proposed a set of measures to improve the working conditions in platform work and to support the sustainable growth of digital labor platforms in the EU, such as Uber (UBER) and Deliveroo (DROOF). The new rules will ensure that people working through digital labor platforms can enjoy the labor rights and social benefits they are entitled to. They will also receive additional protection as regards the use of algorithmic management, as in automated systems that support or replace managerial functions at work. A common set of EU rules will provide increased legal certainty, therefore enabling digital labor platforms to benefit fully from the economic potential of the Single Market and a level playing field. Source: https://ec.europa.eu/commission/presscorner/detail/en/ip_21_6605

Uber (UBER), Deliveroo (DROOF), and other online delivery companies may need to reclassify certain workers as employees under potential EU rules meant to bolster their social rights, Reuters’ Foo Yun Chee reports, citing an EU document. The proposed rules from the European Commission, which would be the first in the globe, comes as countries and courts across Europe attempt to address shortcomings in the gig economy.

Uber announces new Holiday hub on Uber Eats platform

On December 7, 2021, Uber Technologies announced the expansion of their seasonal delivery offerings with the brand new Holiday hub on the Uber Eats platform. The first-of-its-kind category will expand and rotate seasonally throughout 2022 and beyond to accommodate various holidays, making it easier than ever for consumers to have holiday needs delivered right to their door. The new hub will also be home to Uber’s recently launched Holiday Shop, which will offer on-demand delivery and pick-up of Christmas trees and more to customers in Los Angeles, San Diego, West Palm Beach as well as wreaths in New York City this holiday season. The exclusive partnership with Proper Companies’ holiday division, features 2-4 foot trees, wreaths and tree preservative for delivery, as well as 5-10 foot trees for pick-up.

Bullish Option Flow In UBER Stock

Uber Option Flow

Make sure to review this lesson on option flow so that you understand the image above.

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UBER Stock Technical Analysis

Uber Stock

Both the long and short term trends are negative. It is better to avoid buying stocks with negative trends. However there is a big positive divergence between large players volume and price which is bullish. UBER is one of the lesser performing stocks in the Road & Rail industry. 72% of 46 stocks in the same industry do better. UBER is currently trading near the lower end of its 52 week range, which is not a good sign. Certainly not because the S&P500 Index is trading near new 52 week highs at the moment. There is a support zone ranging from 35.84 to 35.84. This zone is formed by a combination of multiple trend lines in multiple time frames. There is resistance at 38.82 from a horizontal line in the daily time frame. UBER has a poor technical rating and the quality of the setup is also not perfect at the moment. Price movement has been a little bit too volatile to find a nice entry and exit point. It is probably a good idea to wait for a consolidation first. Click here to sign up for email alerts on when UBER stock is a good entry.

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