Twice Paypal tested the $309-310 region which was rejected with support around the $190-210 level (also the .382 fib retracement level), then at and around the $180 (also the .236 fib ret. level),
There is a larger descending wedge that had formed and the price has broken through the bottom trendline of the wedge and landed at the bottom of the fib retracement level subsequently a support line from previous trading activity.
I feel that this support line will be tested, held and price will extend back to the .236 Fib level, subsequently the bottom of the larger wedge. Providing a 33% Gain at the current level. This can be supported by the fact the stock is currently oversold.
Provided this holds and the resistance level is broken a surge to the top of the wedge will be tested again, subsequently, it also falls in line with the .382 fib level. This target will provide a 58% overall gain.
From here, pricing will bounce within the wedge to complete the pattern.
Could be a choppy but very lucrative opportunity to capitalise on a number of aligning patterns/indicators especially given its oversold territory.
Conversely, if the above is not true then we'll look for a drop to $100.
Upsize significantly outweighs downside in my opinion. 10% drop to potential 58% gain.
Love to hear your thoughts
N.B This is not investment advice and is my personal view and interpretation of the data with a view to provide my ideas and understanding of the patterns and tools for an open forum to have others provide their input and or knoweldge or alternative views to further enhance my understanding, interpretation and skills.
There is a larger descending wedge that had formed and the price has broken through the bottom trendline of the wedge and landed at the bottom of the fib retracement level subsequently a support line from previous trading activity.
I feel that this support line will be tested, held and price will extend back to the .236 Fib level, subsequently the bottom of the larger wedge. Providing a 33% Gain at the current level. This can be supported by the fact the stock is currently oversold.
Provided this holds and the resistance level is broken a surge to the top of the wedge will be tested again, subsequently, it also falls in line with the .382 fib level. This target will provide a 58% overall gain.
From here, pricing will bounce within the wedge to complete the pattern.
Could be a choppy but very lucrative opportunity to capitalise on a number of aligning patterns/indicators especially given its oversold territory.
Conversely, if the above is not true then we'll look for a drop to $100.
Upsize significantly outweighs downside in my opinion. 10% drop to potential 58% gain.
Love to hear your thoughts
N.B This is not investment advice and is my personal view and interpretation of the data with a view to provide my ideas and understanding of the patterns and tools for an open forum to have others provide their input and or knoweldge or alternative views to further enhance my understanding, interpretation and skills.