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Fan Yang

Lyft (LYFT) Finding a Double Bottom Above $55

Lyft Inc. $LYFT has been having a volatile IPO launch. Price tagged $88 on the first day, but has been dumped down to $55 last week. Even though there is not much price history to assess price action, we can see some short-term bottom forming - specifically a double bottom.

LYFT 4H Chart

(click to enlarge)

Price Bottom:
- As we can see on the 4H chart, price came down to $55-$56 area twice since April 15. 
- Price rebounded both times. 
- Now, if price can push above $62.50, LYFT would complete a double bottom. 
- Maybe we can expect some more volatility in the short-term and can take advantage of a speculative swing towards $70.
- However, I don't think we can rule out further downside after some sideways choppy action. 
- I am playing LYFT in the short-term with light positioning (1/2 the usual) with an entry near $60.  

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