Lyft Inc (LYFT) is Dropping, Here’s The Trade Level

President & CEO Chief Market Strategist at IntheMoneyStocks.com • Oct 14, 2021 at 1:09 PM EDT

The next daily chart support level for Lyft Inc stock will be around the $47.00 level. This support level is where the stock was defended in late August before staging a rally into September.

Leading ridesharing company, Lyft Inc (LYFT), is under heavy selling pressure despite a broad based stock market rally today. The popular stock is trading lower by 4.11% to $51.04 a share. Lyft Inc (LYFT) stock is now trading below its important 50-day moving average. This puts the stock in a weak technical position on the daily chart. Very often, the stock will experience further weakness in the near term.

The next daily chart support level for Lyft Inc (LYFT) stock will be around the $47.00 level. This support level is where the stock was defended in late August before staging a rally into September. This type of daily chart pattern will usually serve as very good initial support when tested.

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