Lyft stock has formed a multiple bottom pattern. This pattern first bottomed in July and then again in October. And now in November it dipped once again to its bottom and has rebounded slightly since then.
As we head into the last six weeks of the year, investors are generally becoming more bullish: China’s lockdowns are said to be easing, inflation metrics are said to be declining, and we have seen a general bounce in the markets which many predict to continue.
If you haven’t made money in the current bounce yet, you want to look for stocks that have this beautiful multiple bottom pattern which is a pattern that suggests those stocks aren’t going any lower. And since the overall market sentiment is bullish in the short term, it only strengthens the argument that such stocks have likely bottomed.
Four of the last seven days have been green days in the market for Lyft. Lyft currently has a market cap of 4.19 billion and a forward P/E of 13.69.
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