Good news for LYFT

09 September 2022 104
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A month ago, LYFT's stock price began correcting after a steep downtrend breakout. Bullish sentiment was supported, in particular, by the Bank of America analyst's statements that LYFT is losing the market share to its main competitor Uber, and it will be more difficult for LYFT to catch up with it in the future, so he gave the paper a "sell" rating.

Yesterday, LYFT's shares price suddenly rose by almost 20%, which might be associated with the spread of rumors in Twitter about LYFT potential buyout, and General Motors and Ford are called the possible buyers that can help the company solve its accumulated problems. The buyout has not been officially announced yet, so analysts recommend investors to treat this information as a rumor.

Also, the stock growth might be connected with the ending by New York Governor the mandatory wearing of masks in public transport since the number of COVID hospitalizations is reducing.

From a technical perspective, LYFT stock price reached the 13.75 level, closing the early August gap, and is now reversing. The DeMarker indicator is out of the oversold zone and is pointing up. Perhaps supported by the rumors and lifted mask mandates LYFT stock price could rise more to the 18.6 level.

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