LY0 trade ideas
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.
LYFT Inc. Rising Channel, Respecting .382 & .5 Fib RetracmentsPlease see Callouts on chart
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Goodluck!
Poised for an upwards breakLYFT looks ready for an upwards break of a resistance around $65. With an increasing bullish outlook for the overall market and tech stocks flying high theres a good chance we hit $70+ soon.
