PYPL broke down from a messy Head & Shoulders formation of sorts (head-shoulder-head-shoulder) in Oct and had been trending down strongly since.
It eventually came down to about 180 on 1st Dec last week, which incidentally was it's H&S target and also a possible horizontal support zone here.
However we only see a decisive bounce off this level today, opening with a gap up, leading to the potential formation of a bullish engulfing candle on the weekly timeframe.
With a confluence of factors (H&S target, horizontal suppport and potentially bullish engulfing on weekly), I am fairly optimistic that it could have bottomed out.
I will venture a long today with initial stop stop slightly below $179. Will take partial profits around $225 (a gap fill) and protect remaining positions with trailing stops.
Disclaimer: TA is about improving our odds of a successful trade (not a guarantee). 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 and don't forget that money management is important! Thank you. Do give me a thumbs up if you agree. Feel free to let me know what you think! :)
It eventually came down to about 180 on 1st Dec last week, which incidentally was it's H&S target and also a possible horizontal support zone here.
However we only see a decisive bounce off this level today, opening with a gap up, leading to the potential formation of a bullish engulfing candle on the weekly timeframe.
With a confluence of factors (H&S target, horizontal suppport and potentially bullish engulfing on weekly), I am fairly optimistic that it could have bottomed out.
I will venture a long today with initial stop stop slightly below $179. Will take partial profits around $225 (a gap fill) and protect remaining positions with trailing stops.
Disclaimer: TA is about improving our odds of a successful trade (not a guarantee). 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 and don't forget that money management is important! Thank you. Do give me a thumbs up if you agree. Feel free to let me know what you think! :)
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.