Paypal has broken bearish trend, and is attempting to cross 50% retrace from most recent drop and has met strong resistance. This chart has bounced off a long term Fib trendline of 50%, which we can expect profit taking at 88%, 100% and 161.8%. Short term, the 5MA has crossed over the 8MA on the 1D charts, which is a bullish indicator, as well as a W bottom, with a breakout above a trendline. We saw a very large volume of trading on October 24, enough to indicate a pivot.
We can expect strong resistance at this 50% ($108), which may cause a failed bullish signal, but I expect the previous resistance to turn into support, as the broken trendline will now become a support zone. We may see a bounce off this support zone, and I have marked the short term Fib Retraces with RED for resistance zones. Strong resistance at $108, and $111.
The green lines indicate targets, 88% and 100%, or $116, and $121.
This trade is a long term Fibonacci Bounce off the 50% line from December 24 2018 (low), until July 16 2019 (high).
We can expect strong resistance at this 50% ($108), which may cause a failed bullish signal, but I expect the previous resistance to turn into support, as the broken trendline will now become a support zone. We may see a bounce off this support zone, and I have marked the short term Fib Retraces with RED for resistance zones. Strong resistance at $108, and $111.
The green lines indicate targets, 88% and 100%, or $116, and $121.
This trade is a long term Fibonacci Bounce off the 50% line from December 24 2018 (low), until July 16 2019 (high).
Trade closed: target reached
Trade hit both targets, closed out trade. Buy: $105
Sell: $121
Profit: 13.66%
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.