LY0 trade ideas
Lyft amazing buying opportunityThere is a lot going on in this chart but there are a couple things i would like to put an emphasis on for Lyft. First, notice that we are in a massive falling wedge structure, generally indicating a breakout upwards. Second, notice the red line i have drawn at the bottom of this descending wedge. This red line could be considered a major support level, as it acted as both support and resistance back in May. Third, notice the MASSIVE bullish divergence on the 4hr RSI. Finally, notice that the fib retracement .786 level matches up in confluence with the red line major support I have drawn. All in all, I think it is safe to say we will be seeing a larger reversal for Lyft in the coming weeks. Don't miss out on this amazing opportunity.
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Lyft potential long from supply areaTarget 1: 58s
Target 2: 61s
Stoploss: 46s
Reward/Risk: 1.3-1.93
I might be looking to dollar cost average around the stop loss level. When the market is so weak like it is supply and demand levels tend to react aggressively.
Will Lyft Repeat What Snap Did Already?Hello dear stock traders & friends, hope you're doing well guys! ;)
In this comparison, I wanna show you the similarities between Lyft & Snap: In trading we often have 'non-linear' trendlines & corrections , which I'm personally counting in my analyses when looking at stocks or commodities or crypto.
In this case case we have nice rounded bullish upmove, which always gets into a descending ending move, before we see a break out of this shape.
=> Snap went from $11.50 to almost $18,50 breaking from this pattern.
Of course it will strongly depend on company performance over the coming months, but Lyft could similarly see a bounce going on from the current $60-59 zone, and even another dip to $57, before we see a breakout coming. We could go towards $78-80 psychological in this case.
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$LYFT Rising Channel: Fibonacci + Elliot Wave Analysis Please Read Callouts on Chart!
We are 2/3 on LYFT Longs (See Previous Posts)
Goodluck!
Lfyt Mark UpI do not trade Lyft, yet. I would like to share what I would do IF I were to trade this stock. I believe the overall is bullish even though we might see price head to the downside before we get some real bullish momentum into the market. That vertical represents the length of the move I'm projecting. I would long it from the $76.10 to $92 only if there's a break followed by a retest of the $76.10 price point.
*DISCLAIMER* THESE ARE JUST MY HUMBLE OPINIONS, NOT TRADING ADVICE.
