Sentiment: Short term Bearish - sideways
This week (week 30) there will be an MRI sell on PYPL indicating the probability of an 1 to 4 week correction.
As you can see on the chart last week's candle was a very strong up engulfing candle so it has yet to be seen if we can get the correction or not. For me it all depends on the candle we will print this week.
Especially having the MAs (20, 50, 100) trending up which is an indication of a strong uptrend.
What makes me think that this MRI sell will pan out is the fact that the engulfing candle stopped just short of the prior swing high and that it might be to difficult for PYPL just yet to go for new ATH.
Let's see.
The daily chart somewhat negates the bearish sentiment of the weekly chart. It just took out the prior swing high and was strong on the bullish MRI star candle.
Also the MAs show no sign of a correction on the daily.
Therefore combining the information on the weekly and daily charts a plausible scenario would be that this week we will move a little bit up or sideways in order to print a reversal candle on this weeks MRI sell and a daily MRI sell next week Monday in order to then have a (moderate) sell off next week.
As always, this is not trading advice, but only my views on the market.
Please do your own research before entering any trade.
Happy trading
This week (week 30) there will be an MRI sell on PYPL indicating the probability of an 1 to 4 week correction.
As you can see on the chart last week's candle was a very strong up engulfing candle so it has yet to be seen if we can get the correction or not. For me it all depends on the candle we will print this week.
Especially having the MAs (20, 50, 100) trending up which is an indication of a strong uptrend.
What makes me think that this MRI sell will pan out is the fact that the engulfing candle stopped just short of the prior swing high and that it might be to difficult for PYPL just yet to go for new ATH.
Let's see.
The daily chart somewhat negates the bearish sentiment of the weekly chart. It just took out the prior swing high and was strong on the bullish MRI star candle.
Also the MAs show no sign of a correction on the daily.
Therefore combining the information on the weekly and daily charts a plausible scenario would be that this week we will move a little bit up or sideways in order to print a reversal candle on this weeks MRI sell and a daily MRI sell next week Monday in order to then have a (moderate) sell off next week.
As always, this is not trading advice, but only my views on the market.
Please do your own research before entering any trade.
Happy trading