LYFT has been in a crazy downtrend and it has lost over 90 % of its value from its ath.
However, things start looking interesting. We can see a bullish divergence on weekly time frame which suggest a sellers exhaustion. However the downtrend is still in tact.
How to trade it? You can enter long at the breakout of the falling wedge once we get it.
Entering long at 8 $ could be also a way as it's close to all time low that we saw in May 2023.
It would be also reasonable to buy at the downsloping support if the price goes so low.
Unfortunately fundamentals are not very good for LYFT therefore this trading idea is based SOLELY on the Technical analysis.
What do you think about LYFT? is it going to recover?
Share your opinion in the comment section.
P.S Make a note that all take profit levels are with a mid-term and long-term horizon.
Good luck
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LYFT remains under the resistance line. If it drop to 7,90 $ , we may see a double bottom and a potential trend reversal
Trade active
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LYFT broke the downtrend. It's bullish now!
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on 13 of February , LYFT will report earnings. Be ready for a solid dump like on Snapchat last week