LYFT (It is about to get lifted soon)Updated View On LYFT (5 Apr 2019)
Back Ground: Lyft shakeout is nothing but an attempt of the traders who didn't get it at IPO price and they want it cheap. So, we shall see the rise to continue.
$1,300 to $1,310 region shall be acted as strong resistant too. Further bullishness movement will come in only after break out that 1300-1310 region strongly. So watch that region closely.
Target(s): UP $77.78 (TP1)
SHTF: It will use $65 as strong support.
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Lyft
$LYFT - daily chart & trading analysis$LYFT - has been an awesome ticker to day trade the last week since its IPO on the 29th. Hit the short side the first couple days and nailed the red to green on day 4. Tickers like these that are moving irrelevant to the market conditions have had the most luck in follow through. Today we had another nice selling off action, with an ORB short setup at the open, along with nice follow throughs on the bear flags.
Easy trades are coming to an end with it trading in its range now. Waiting for a break of consolidation of either highs or lows for some more movement. $LYFT has also put the pressure on Uber to pick up their socks and continue their expansion to other regions (India & Asia), will be interesting to see how these two big dogs go head to head over this year.
Earnings season is approaching next week. For me, this signifies the market will be a little stale this week and have less follow through / momo names on our scans that previous weeks & months. Nonetheless, just taking smarter & cleaner setups, dialed down risk a bit as well as amount of day trades taken daily. Going to be looking to get hungry and aggressive next week for the remainder of the month.
Have a great day!
LYFT - $65 and the GAP Continuing with the IPO week for LYFT, here are a couple of new scenarios that may play out ...
Its my belief based on the chart / price action, that this recent LO will determine what happens at the GAP, should price reach it:
Either:
A. The current LO is in place, then a revisit to the GAP (and fill) may show as a pivotal resistance point, temporarily. And then make a valid attempt at the IPO day HI.
Or
B. A new LO ($65 or less) would have the GAP play out (if it tests it) as resistance, before seeing declines to prices of $60 and $50.
LYFT - Priced to fall 20% and lower ???After 1 day of trading, here is a forecast of potential trading action moving forward.
If LYFT catches a bid on its second day of trading, I'd expect a run to test IPO day HI and trap BULLS before a move lower to 70/69.
Otherwise, selling continues down to 69 or lower with any retraces only acting as stall points - 20%+ down from its HI's.