I’ve just entered a position in PayPal, and the reason is that several overlapping factors are lining up in a way that suggests a potential bottom may be in.
First, it looks very likely that Wave (2) is complete. The stock tapped the 61.8% Fibonacci retracement level with precision and has held that level over the past few days – all while the RSI has been climbing, which is a strong bullish divergence signal in my book.
Second, PayPal just touched last year’s VWAP level perfectly, which I view as another strong technical indicator for a potential reversal.
How far this move could go is still unclear, but the open gap above is definitely something I’m watching closely. For that to be in play, $71 needs to be reclaimed. And from here on, $66 should not be touched again.
That’s my plan – and that’s how I’m trading it. Let’s see if the market plays along.
First, it looks very likely that Wave (2) is complete. The stock tapped the 61.8% Fibonacci retracement level with precision and has held that level over the past few days – all while the RSI has been climbing, which is a strong bullish divergence signal in my book.
Second, PayPal just touched last year’s VWAP level perfectly, which I view as another strong technical indicator for a potential reversal.
How far this move could go is still unclear, but the open gap above is definitely something I’m watching closely. For that to be in play, $71 needs to be reclaimed. And from here on, $66 should not be touched again.
That’s my plan – and that’s how I’m trading it. Let’s see if the market plays along.
🏆 Telegram - t.me/stromm_trading
⚡ Clear analysis. No hype. No Bullshit. Just join me when you're ready – over 550 are already there.
⚡ Clear analysis. No hype. No Bullshit. Just join me when you're ready – over 550 are already there.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
🏆 Telegram - t.me/stromm_trading
⚡ Clear analysis. No hype. No Bullshit. Just join me when you're ready – over 550 are already there.
⚡ Clear analysis. No hype. No Bullshit. Just join me when you're ready – over 550 are already there.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.