I always take charts with a grain of salt over Holiday's break's as the volume dries up. Most Hedge Fund's and Big Banks are off so the big movers of the market are not present.
sweetrev
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Big seller probably sold at that level because it was downtrending, big buyer might instead end up buying on your sell reaction because of the higher lows and higher highs, PYPL is in a in a uptrend this time around, what do you think?
RobFlorio
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@sweetrev, so did it just double bottom at $109? but i agree up but does this go up 112 then down first??
@RobFlorio, yea, looks like 109 (in the 1 hour chart) could be a new support, the last hour it broke 109ish support and bulls pushed it up quick, will keep monitoring for confirmation on my end.
sweetrev
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@sweetrev, I have a support line on 109.30... im fairly new at this so don't take my word for it, lol. if you guys have advice for me I would appreciate lol
S252512
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@sweetrev, Def an uptrend on the smaller time frame's. The weekly is hinting at a turn, but I don't think we are out of the woods yet on the larger time frame. I would be cautious of any large moves up on low volume. If I see further choppy moves sideways or down, I'll probably look for an entry. A large strong move down on good volume I'll stand aside. I've learned to never short during the Holiday's, the market tends to drift higher on low volume and then get smacked when big money returns.
Happy New Year! Thanks for the comment.
sweetrev
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@S252512, happy new years and wish you the best in your trading.