Lyft is in a major bottoming-out formation, says Carter Worth
Lyft (LYFT) , having declined from $70 to $10 in 2021-2022, has been bottoming out ever since, and it’s trading in a three-year range between $10 and $21 ever since. Currently at $16 a share, the stock is in a position to advance to the top of the range, and even higher. A major bottoming-out formation is taking place. On top of that, the stock is starting to move above an important five-year downtrend line — and an important break above said line. LYFT has been rangebound for four years between $10 and $21. We think the stock is on its way back to the top of the four-year range. We’re buyers here. DISCLOSURES: None. All opinions expressed by the CNBC Pro contributors are solely their opinions and do not reflect the opinions of CNBC, NBC UNIVERSAL, their parent company or affiliates, and may have been previously disseminated by them on television, radio, internet or another medium. THE ABOVE CONTENT IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY . THIS CONTENT IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSITUTE FINANCIAL, INVESTMENT, TAX OR LEGAL ADVICE OR A RECOMMENDATION TO BUY ANY SECURITY OR OTHER FINANCIAL ASSET. THE CONTENT IS GENERAL IN NATURE AND DOES NOT REFLECT ANY INDIVIDUAL’S UNIQUE PERSONAL CIRCUMSTANCES. THE ABOVE CONTENT MIGHT NOT BE SUITABLE FOR YOUR PARTICULAR CIRCUMSTANCES. BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR. Click here for the full disclaimer.
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