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Apr 3rd, 2019: LYFT 5-min Chart

Posted by pugsma on April 3, 2019

5:30 pm EST: A very short-term (few days), potential bullish Inverse Head and Shoulders (IHS) pattern has set-up on the LYFT 5-min chart.  A neckline has developed at the IPO price of $72.00, with head at 66.10, and a target of 77.90.   Also interesting is that a move up to 77.90 would fill the 78.02 to 75.00 gap from Monday and make a 50% Fibonacci retracement of the drop from the opening high of 88.60 to low at 66.10.

Note: The potential bullish IHS pattern would be confirmed on a move above the 72.00 neckline and would fail on a break below the head at 66.10..

LYFT 5-min chart:

LYFT Technical Analysis

2 Responses to “Apr 3rd, 2019: LYFT 5-min Chart”

  1. pugsma said

    In regards to a near term LYFT catalyst for a move back up:

    1) Reports are that the underwriters of the $72 IPO have NOT stepped back into buy yet. The price action so far is completely natural.

    2) Yesterday it was reported Hedge Funds shorted half a billion $’s in LYFT shares some on margin, as the float for shorting is very thin.

    What happens IF the IPO underwrites begin to step in…

  2. pugsma said

    LYFT just broke above the $72.00 IHS neckline.

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