PYPL: A possible REVERSAL sign on it!
Hello traders and investors! Let’s see how PYPL is doing today!
The trend is clearly bearish on it, however, it is reacting nicely today. This reaction came at the right time, as PYPL is trading at a support area, and we are quite far from the 21 ema as well. A reaction was expected, and it is convenient.
We don’t see any bullish structure, and this reaction could be just another dead cat bounce, but if PYPL closes above the red line at 94.54 today, we might see a false breakout from a support level.
In the daily chart, we see that by holding at the $ 94.54, PYPL might trigger a double bottom chart pattern. The $ 113 would be the technical target, however, if it breaks this point, the next resistance would be the gap area at $ 170.
However, this would be a reversal thesis, and since we don’t see a clear reversal in the 1h/D charts, let’s hold this idea for now, and just pay attention to the signs it’ll give us near the support at $ 94.
PYPL looks promising, and I’ll keep you guys updated on this, so remember to follow me to keep in touch with my daily analyses.
The trend is clearly bearish on it, however, it is reacting nicely today. This reaction came at the right time, as PYPL is trading at a support area, and we are quite far from the 21 ema as well. A reaction was expected, and it is convenient.
We don’t see any bullish structure, and this reaction could be just another dead cat bounce, but if PYPL closes above the red line at 94.54 today, we might see a false breakout from a support level.
In the daily chart, we see that by holding at the $ 94.54, PYPL might trigger a double bottom chart pattern. The $ 113 would be the technical target, however, if it breaks this point, the next resistance would be the gap area at $ 170.
However, this would be a reversal thesis, and since we don’t see a clear reversal in the 1h/D charts, let’s hold this idea for now, and just pay attention to the signs it’ll give us near the support at $ 94.
PYPL looks promising, and I’ll keep you guys updated on this, so remember to follow me to keep in touch with my daily analyses.
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