LYFT is displaying a potential long setup as price is currently forming an ascending triangle pattern. A move above $50 would indicate a breakout to the upside, preferably with volume. Price above the 50 day is encouraging for a long position.
Price has been testing the $50 resistance since September 2019, consolidating for the past 15 months. Breaking out of the consolidation could begin an uptrend.
The risk reward with this setup is very promising, as a stop a few percentage points below is enough to provide confirmation that the breakout failed. Otherwise, the upside can be 20%+ in my opinion.
Price has been testing the $50 resistance since September 2019, consolidating for the past 15 months. Breaking out of the consolidation could begin an uptrend.
The risk reward with this setup is very promising, as a stop a few percentage points below is enough to provide confirmation that the breakout failed. Otherwise, the upside can be 20%+ in my opinion.