EBAY 1-2 week horizon
Around a month ago, price action broke downward channel (blue) and creating a new bullish channel (green). We have support at 54.87 but MACD overall is bullish but lines are kissing pointing down and stochastics are not yet at oversold levels. There is a chance that 54.87 support will break and with this I am anticipating price to go down for the next few days with pivot area around 50ema (53.78 area).
The 50ema area also happens to be around the top boundary of the down channel it was previously trading which could act as a support. 68.1% Fibonacci level at around 53.91 area (around 50ema). This area of support seems to be a strong one since multiple indicators agreeing at the same area of support.
Stop at 51.86, a good 4:1 risk reward ration at target 2. The only wild card is ER on Feb 3
Disclaimer
I am not a registered investment advisor and do not offer investment advice and recommendation. All my post is not a recommendation, advise nor a suggestion and should not be used as a replacement for investment advice from a qualified licensed professional. All my post is for, information and entrainment purposes only. You, the reader, bear full responsibility for your own investment and trade decisions and should seek the advice of a qualified securities professional before making any investment or trade.
Around a month ago, price action broke downward channel (blue) and creating a new bullish channel (green). We have support at 54.87 but MACD overall is bullish but lines are kissing pointing down and stochastics are not yet at oversold levels. There is a chance that 54.87 support will break and with this I am anticipating price to go down for the next few days with pivot area around 50ema (53.78 area).
The 50ema area also happens to be around the top boundary of the down channel it was previously trading which could act as a support. 68.1% Fibonacci level at around 53.91 area (around 50ema). This area of support seems to be a strong one since multiple indicators agreeing at the same area of support.
Stop at 51.86, a good 4:1 risk reward ration at target 2. The only wild card is ER on Feb 3
Disclaimer
I am not a registered investment advisor and do not offer investment advice and recommendation. All my post is not a recommendation, advise nor a suggestion and should not be used as a replacement for investment advice from a qualified licensed professional. All my post is for, information and entrainment purposes only. You, the reader, bear full responsibility for your own investment and trade decisions and should seek the advice of a qualified securities professional before making any investment or trade.