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Winner: 33.78% Gain On UBER Puts

Sep. 26, 2020 11:28 AM ETUber Technologies, Inc. (UBER)
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  • Bought the UBER 20NOV20 38 put options on Sep 14 at $3.70.
  • Sold the puts on Sep 22 at $4.95 for a gain of 33.78% on the trade.
  • 3% portfolio allocation.

I bought the puts on Sep 14 when the RSI14 was at 73.32 (overbought) and the stock price closed above the Upper Limit Level of the linear regression model. 

I sold the puts on Sep 22 when the shares dropped 5.73% for the day - the previous day the shares were down 4% but then recovered all of the losses by the end of the day - this bullish behaviour influenced me in exiting the trade on Sep 22 - I could have made a little more by holding on for more day - but the previous day's price action forced me to exit. 

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Analyst's Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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