PYPL has reclaimed a major support zone (66.39 - 67.39) on the daily chart. Watch for a hold here over the next week or so to confirm level is still strong. Wait for price action to confirm a continuation of bullish movement.
Trade Idea: Gap Fill play. With a continuation upward, PYPL is set to fill the gap between 69.60 and 74.97. Be mindful of the support turned resistance level at (71.07 - 71.56) of the range above between (71.07 - 71.56) and (77.84 - 78.77) that PYPL traded in before gapping down. Price may reject at (71.07 - 71.56). Watch to take profits here. If price reclaims the resistance of this range and it once again becomes support, you can play the continuation to the high of the range at (77.84 - 78.77) as well as the completed Gap fill at 74.97.
Targets: 69.65, 71.07, 74.99, 77.84
Stop: 66.46 - If PYPL loses this level and holds below the trade idea is invalidated.
Trade Idea: Gap Fill play. With a continuation upward, PYPL is set to fill the gap between 69.60 and 74.97. Be mindful of the support turned resistance level at (71.07 - 71.56) of the range above between (71.07 - 71.56) and (77.84 - 78.77) that PYPL traded in before gapping down. Price may reject at (71.07 - 71.56). Watch to take profits here. If price reclaims the resistance of this range and it once again becomes support, you can play the continuation to the high of the range at (77.84 - 78.77) as well as the completed Gap fill at 74.97.
Targets: 69.65, 71.07, 74.99, 77.84
Stop: 66.46 - If PYPL loses this level and holds below the trade idea is invalidated.
Trade active:
PYPL reclaimed level and holding trend. Could see TP 1 by Friday or Mid week next week as long this level and trend holds.
Trade closed: target reached:
GAP Filled!
Dennis Butler Jr.