Stage 1 in Ridesharing šŸš—

SpockTradez
3 min readOct 21, 2022

$LYFT and $UBER are breaking out

Some quick notes about two nice setups from ridesharing companies $LYFT and $UBER. Just a reminder that if you want to get these picks in real time, be sure to follow the SpockTradez Twitter account:

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If youā€™re using my custom scans, youā€™ve now doubt been seeing both $LYFT and $UBER showing up in the results. With the market (and the world) being as volatile as it is right now, the safer play is to wait for a confirmed Breakout.

As you can see from the above charts, the 5 EMA has crossed above the 20 SMA for $LYFT today (yesterday for $UBER). One thing to note, is that $LYFT is farther before the 200 SMA, the stock is really beaten down, which means potentially more upside.

Here are the price targets according to TipRanks:

$LYFT closed today at $13.56
$UBER closed today at $28.02

And the Morningstar analysis:

Now $LYFTā€™s price being much lower than itā€™s 200 SMA than $UBER is to itā€™s 200, could mean that as a company, Lyft isnā€™t performing as well (or rather, peopleā€™s opinion is that it isnā€™t doing as well, remember price is more a reflection of other peopleā€™s opinions on the company than the actual companyā€™s performance). Is that a bad thing? Usually, but there are many factors involvedā€¦

With a little research (always DYOR) you will find breadcrumb trail of a Lyft buyout rumors:

Is that a good thing or a bad? Depends who buys it and if that ever happens. But as they say, ā€œBuy the rumor, sell the news.ā€

Your homework for the night is to determine the Targets and Stop Losses for the above charts. Also, do some research on the potential Lyft buyout rumors.

Donā€™t forget to follow SpockTradez on Twitter for more real-time picks and posts.

Trade long and prosper!

šŸ––

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SpockTradez
SpockTradez

Written by SpockTradez

trading without emotions šŸ––

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