Short term bullish in an overall macro downward trend
-Short term forecast:
-Descending wedge still in play for Paypal
-Looking for a bounce near the bottom of the channel. Maybe around $60-$61 will be the low target. TP around $70-74
-Long term outlook
Lots of support around $38-40. Accumalate at $56 and $44 as well.
Gap at $140-170 will eventually get filled in the coming years.
There are other small gaps at $84, $75, $55 and $44.
-Descending wedge still in play for Paypal
-Looking for a bounce near the bottom of the channel. Maybe around $60-$61 will be the low target. TP around $70-74
-Long term outlook
Lots of support around $38-40. Accumalate at $56 and $44 as well.
Gap at $140-170 will eventually get filled in the coming years.
There are other small gaps at $84, $75, $55 and $44.
Trade closed: target reached:
My target of $74 has been reached and i have taken most of my profit off the board for now. Im keeping a small bag just in case it decides to head higher to the $140 range first. However i will keep sticking to my plan of accumalating lower in the $38-56 region if that comes first. Either way this has been a nice play from my intial buy of $60. I will get bullish if paypal can break above the descending channel and find support.