PYPL ( PayPal ) is breaking out of the descending price channel
Updated
Stock : PYPL ( PayPal Inc )
Date : 27 Mar 2024
Trend : Up
preferred Transaction : Buy ( 66.50 $ )
Reasons : The stock has broken out above the resistance level of the upper line of the descending price channel
Technical Analysis success at level : zone ( 87 $ to 91 $ )
Technical Analysis fail at level : 60.40 $
Date : 27 Mar 2024
Trend : Up
preferred Transaction : Buy ( 66.50 $ )
Reasons : The stock has broken out above the resistance level of the upper line of the descending price channel
Technical Analysis success at level : zone ( 87 $ to 91 $ )
Technical Analysis fail at level : 60.40 $
Note
The stock price declined due to the overall movement of the stock market. However, we still consider PayPal to be a promising stock and undervalued.Therefore, we currently have two options, and we prefer to proceed with the second one:
1. Maintain the stop at the current level and close the position there.
Or
2. Wait for the support level at $60.60 and purchase shares at this price once we observe favorable price action.
Our stop level must be set at $57, where the trend begins to decline.
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.