$PYPL - TIME FOR THE BULLS TO TAKE OVER
PYPL https://www.tradingview.com/chart/RfgwHWVB/
Today is Earnings day and the eyes are on this stock. Paypal retested the demand zone formed by the lows that were created in 2018 before the expansion wave.
At the beginning of the retest the price respected the zone and bounced off it twice, however the price ended up breaching the demand zone in a "manipulating" matter. It is a common pattern I have been noticing in the stock market, where the price will reach the "danger zone" according to uninformed traders and then reverse back above the key support that it broke earlier and then continue to have a shift in the trend on bigger timeframes. There is a possibility that its the case with PayPal.
The stock had a very overhyped bullish trend forming not too long ago in 2021, so the fact that the price got slashed down by 80% can also be an indicator to the idea that the bearish trend might have matured and its time for a reversal.
I highlighted the levels we might face on the way up and currently I am expecting price to reach the inner high formed by the bearish trend at $89 to determine whether the stock is gonna continue to test macro levels or go down to retest the 2018 demand zone.
What y'all think?
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.