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Lyft (LYFT) Just Reclaimed the 200-Day Moving Average
From a technical perspective, Lyft (LYFT - Free Report) is looking like an interesting pick, as it just reached a key level of support. LYFT recently overtook the 200-day moving average, and this suggests a long-term bullish trend.
The 200-day simple moving average is widely-used by traders and analysts, and helps establish market trends for stocks, commodities, indexes, and other financial instruments over the long term. The indicator moves higher or lower together with longer-term price moves, serving as a support or resistance level.
LYFT could be on the verge of another rally after moving 22.8% higher over the last four weeks. Plus, the company is currently a Zacks Rank #2 (Buy) stock.
Once investors consider LYFT's positive earnings estimate revisions, the bullish case only solidifies. No estimate has gone lower in the past two months for the current fiscal year, compared to 8 higher, and the consensus estimate has increased as well.
Investors should think about putting LYFT on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.