The rally in Uber and Lyft is far from over, trader says $LYFT $UBER (via TradingNation)
Uber rallied over 3% after Wedbush added the stock to its best ideas list, and Lyft followed suit by climbing 1%. Both ride-share stocks have been on the up and up since hitting lows last fall, but Oppenheimer technician Ari Wald says the months-long rallies for both names aren't enough to change his cautious tune.
"The trading action [for Uber] can be considered positive over $34, that was the stock's October peak," he said. "Very often, former resistance becomes support, so as long as [you're above $34] it looks like the stock can push higher."Joule Financial chief investment officer Quint Tatro says that not only does he think that the ride-share stocks have hit a bottom, investors should actually go ahead and own both given that they currently look "very attractive.
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