Light at end of tunnel for PYPL?PYPL has been in a descending channel for over a year. From March to May 2023, PYPL traded in a rectangular formation. RSI during this period hovered around 50. However, the volume wasn't enough for breakout. After Q2 earnings, PYPL broke down from the rectangular formation. In June-August 2023, PYPL has been trading at a higher volume. It bounced from a double bottom formation. Therefore, there is a greater likelihood that PYPL will break upper trendline of the channel this time, forming a large W. If it then breaks the neckline of W, PYPL won't look back.
