There 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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