What a rout we had last week, a good reminder to stick to our stop losses!
Despite a sharp fall, PYPL isn't bearish yet. For the past few days it danced within a zone of supports (250-257), namely the 50 day Moving Average @ 250, 61% fib retracement @ 257 and a minor horizontal resistence turned support 254.4.
Adding to that, a bullish divergence between price and RSI is now forming. It's probably a good time to bargain hunt with initial Stop Loss slighlty below 250 and taking partial profits @ 309 and protect any profits with trailing stops.
Disclaimer: This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance. Thank you. Feel free to give me your thoughts ! :)
Despite a sharp fall, PYPL isn't bearish yet. For the past few days it danced within a zone of supports (250-257), namely the 50 day Moving Average @ 250, 61% fib retracement @ 257 and a minor horizontal resistence turned support 254.4.
Adding to that, a bullish divergence between price and RSI is now forming. It's probably a good time to bargain hunt with initial Stop Loss slighlty below 250 and taking partial profits @ 309 and protect any profits with trailing stops.
Disclaimer: This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance. Thank you. Feel free to give me your thoughts ! :)