EBAY Breaking Out
Kay Kim | Jan 06, 2017 02:08PM ET
eBay Inc (NASDAQ:EBAY) is breaking out today as we are clearing well above the downtrend-resistance (red) and the recent horizontal-resistance (blue) with a strong bullish candle as the stock is up nearly 3% as I write this article. We have strong “Double Bottom Reversal” fully confirming while cultivating a healthy uptrend characteristics of higher lows and higher highs. As of today, we are also now trading well above the 100SMA (not shown in the chart). Bullish price-action.
My Position & Target
I’ve been watching Ebay since the ER gap-down back in 10/20/16 as I was anticipating for an entry. When there is fear, I look for an entry; and when there is greed, I look for an exit. And definitely, there has been much fear and nervousness among investors/traders after it plunged about 18% since late-September. My plan was to buy the dip at $27ish as I’ve tweeted out on 11/1/2016. In my long-term forecast/analysis, I came to a conclusion that $27-level was a good level for a bounce.
My “Breakout Target” is at $32.50, which I would close out about 1/2 of my positions there, if we can able to clear well above $33 and stay up, I think $36-$37 might even be possible.
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