Leading ridesharing company, Lyft Inc (LYFT), is under heavy selling pressure despite a broad based stock market rally today. The popular stock is trading lower by 4.11% to $51.04 a share. Lyft Inc (LYFT) stock is now trading below its important 50-day moving average. This puts the stock in a weak technical position on the daily chart. Very often, the stock will experience further weakness in the near term.
The next daily chart support level for Lyft Inc (LYFT) stock will be around the $47.00 level. This support level is where the stock was defended in late August before staging a rally into September. This type of daily chart pattern will usually serve as very good initial support when tested.
Get EVERY trade Nick is taking with his members right here…
Get all of Nick’s OPTIONS Swing Trades Here <<>> Get all of Nick’s STOCK Swing Trades Here