PYPL SWING

May 13, 2023

PYPL is sitting right at support at 61.30 and is still below the 9 EMA on the 1H timeframe. Currently, RSI is oversold and there could be a potential bounce, but we need a break of the 9EMA in order to have confirmation that we should see a reversal. Currently all EMA's are aligned to the downside and we are yet to retrace back to the 50EMA to the upside. The first indicator we are going look for is whether we can remain above 61.30 support. Should we break 61.30 support, we will likely revisit 55.14 and our stoch RSI should be oversold on that interval point. From there we will reevaluate and see if we can retrace back to the major support of 61.30. Will continue to monitor PYPL at these levels and will see what happens at the retracement of the 50. Currently, no plays to the upside should be made unless they are long term swings past 6 months.