Description
LYFT has been working this wedge since FEB of this year, and now we're starting to see a breakout to the upside.
A close > 53.5 triggers a long.
Using A call debit spread, because profits are always limited by time.
Call Debit Spread
Levels on Chart
SL is a daily close back in the wedge.
*Stops based off underlying stock price, not mark to market loss
The Trade
BUY
11/12 55C
SELL
11/12 62C
R/R & Breakevens vary on fill.
The long call is placed ATM for higher chance of profit,
The short call is placed at the previous peak in the wedge.
Manage Risk
Only invest what you are willing to lose