PYPL ( PayPal ) is breaking out of the descending price channel

Stock : PYPL ( PayPal Inc )

Date : 27 Mar 2024

Trend : Up

preferred Transaction : Buy ( 66.50 $ )

Reasons : The stock has broken out above the resistance level of the upper line of the descending price channel

Technical Analysis success at level : zone ( 87 $ to 91 $ )

Technical Analysis fail at level : 60.40 $

Comment:

The stock price declined due to the overall movement of the stock market. However, we still consider PayPal to be a promising stock and undervalued.

Therefore, we currently have two options, and we prefer to proceed with the second one:

1. Maintain the stop at the current level and close the position there.

Or

2. Wait for the support level at $60.60 and purchase shares at this price once we observe favorable price action.
Our stop level must be set at $57, where the trend begins to decline.