Paypal - Long
You could take a shot on Paypal here, we are taking a small position. Here is why:
Bullish Variables
- We have broken out of a bullish wedge and successfully backtested the breakout.
- It is showing accumulation, with the higher low and now same low.
- It survived earnings - impressing.
- Indicators showing bullish convergence and volume is slightly increasing.
- Easy to size up, clear stop loss, below our level we are looking for 40$
Why we remain cautious and are opening a small position
- It is still below key support, in the middle of a range. For the best chances you want assets that are above their levels.
- Although the indicators aren't bearish, they aren't showing bullish divergence either.
- Paypal has been in a bearish trend since 2021, you'd want to trade assets that are in a trend.
Overall it looks ok, hence why we are long, but an asset like BABA is far stronger technically, so if it was an option of the two I'd go with the latter.
Bullish Variables
- We have broken out of a bullish wedge and successfully backtested the breakout.
- It is showing accumulation, with the higher low and now same low.
- It survived earnings - impressing.
- Indicators showing bullish convergence and volume is slightly increasing.
- Easy to size up, clear stop loss, below our level we are looking for 40$
Why we remain cautious and are opening a small position
- It is still below key support, in the middle of a range. For the best chances you want assets that are above their levels.
- Although the indicators aren't bearish, they aren't showing bullish divergence either.
- Paypal has been in a bearish trend since 2021, you'd want to trade assets that are in a trend.
Overall it looks ok, hence why we are long, but an asset like BABA is far stronger technically, so if it was an option of the two I'd go with the latter.
Note
So far so good. Great PA today, looking for strong continuation over the rest of the week and a break of 64$Note
Approaching 68$, very key level, breaking above 68 would give us chances for massive upside. Note
Congratulations to everyone owning Paypal, we are actually going to hold through take profit one. Only took 5% off as measure, the structure looks great for further upside. Note
We took another 15% off at the 80$ mark todayNote
Took more off the table today with the pump. Only 40% left in the position. Note
Bearish rising wedge, if we break down a retrace to 68$ would be pretty standard
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.