On friday LYFT launched its IPO at the price of 86.75 but the price close at 78.28 with a negative change of 9.7%, according to the fibonacci extension applied to the 15 minutes chart, from the high to the low before the reversal structure, the downside movement can reach the prices of 75, 67 or 56 before could see a important upside movement.
Wall Street's new flavor of the week, the hot IPO today was a company named Lyft.
Perhaps you'll pardon me for not knowing much about this company.
If it's a ride sharing company, then that's understandable,
as the business model fits today's mentality of rapid growth, of the new economy, over old traditional established.
I do know the IPO was oversubscribed, and...
IPO's are the most sought after exit strategy because they are the most profitable. This is a redistribution of risk opportunity for the Owners & Venture Capital firms on to financial firms, and then on to retail investors. Remember! this business is sold. There is always opportunity, but today was not it for retail in LYFT.
It was not such a great day for the much anticipated IPO, popped 20% at the open but has dripped down all day into the Golden Pocket. More selling could be on the way.
