Swing Trade Idea (LYFT) – April 4, 2024
Our bullish trade for Thursday, April 4th is Lyft Inc
(LYFT). LYFT is part of the Technology Sector, which traded at -1.6% over the last month, with LYFT overperforming at 7.03% over the same period.
LYFT has been neutral to bullish lately and given the recent bullish continuation of the overall Equities Market, we believe that the general tone is bullish for LYFT. Also, it has found support at the bottom of an uptrend channel which coincides with the Technology Sector, pointing to a likely bounce higher.
As a close, if LYFT were to trade below $17 for multiple days, this would invalidate our analysis and we will consider cutting losses on the trade. We will also consider cutting losses on this options trade if the value of the vertical spread moves above $2.86.
