Swing Trade Idea – (LYFT) – August 26, 2020
Our bullish trade for Wednesday, August 26th is LYFT Inc (LYFT). LYFT is part of the Technology Sector (XLK). XLK has experienced a 11.88% gain in the last month and its 1M trend turned bullish on July 29th.
LYFT’s 1M trend turned bearish on August 21st and has recently pulled back to an area of support and rebounded with strong momentum. With a technical score of 2 (out of 10), LYFT is a is a very weak stock that will likely move higher.
As a stop loss, if LYFT were to trade below $25.50 for multiple days, this would invalidate our analysis and we would focus on cutting losses on the trade. We would also consider cutting losses on this options trade if the value of the vertical spread moves above $2.60.
