$PYPL PayPal under heavy fire, where is the bottom??Paypal got destroyed over the last couple of months, after it made it's double top on July 26th.
It has lost 35% of its value since then.
Paypal gapped below the support at around 222ish$ today and that triggered even more selling, since that support held for almost a year now.
The next area, where i see heavy support is at around 184-190$
I feel like that support must really hold, if we for example would gap below that support too and keep selling off,
there is a gap that would be closed at 130$.
Overall, the $PYPL chart really got some technical damage done to it, and it will need some hard work of the bulls to repair that damage.
We ripped a big down gap today, so i expect somewhat of a recovery rallye, also to work off that oversold RSI, but i would not be surprised, if we see another leg down in the $PYPL chart afterwards, since there's alot of fear in this stock now, and holders might use a recovery rallye to rebalance $PYPL in their portfolios.
Definetly not the stock, that would blindly go long on now, just because it got sold off, there's potentially a lot more selling to come in $PYPL
