Bullish flag on the daily
Okay, let's see what we have here.
A massive "Bull flag" has formed on the daily chart, which is normally a bullish sign, but...
But these are not normal times, as the NDX (Nasdaq 100 index) alone has lost more than 7% in a week.
Any bullish pattern can end up as a false breakout, so trading these patterns requires precaution.
So lets collect the bullish and the bearish signs.
In addition to the massive bull flag, we have weak bearish momentum on the MACD and a hammer candlestick, which is typical of the reversal.
And PYPL managed to close above the P daily Pivot Point.
As for the bearish signs, we have a tanking RSI that still has room to fall.
We just closed below the S2 weekly Pivot Point.
The indexes should also be mentioned as danger.
If they tank, they will likely to drag PYPL with it (even if it is bullish).
In summary, there are both bullish and bearish signs.
It is worth keeping an eye on where it is heading before you start trading.
Resistance: 99.67, 102.65, 111.6
Support: 90.03, 84.9, 76.17
A massive "Bull flag" has formed on the daily chart, which is normally a bullish sign, but...
But these are not normal times, as the NDX (Nasdaq 100 index) alone has lost more than 7% in a week.
Any bullish pattern can end up as a false breakout, so trading these patterns requires precaution.
So lets collect the bullish and the bearish signs.
In addition to the massive bull flag, we have weak bearish momentum on the MACD and a hammer candlestick, which is typical of the reversal.
And PYPL managed to close above the P daily Pivot Point.
As for the bearish signs, we have a tanking RSI that still has room to fall.
We just closed below the S2 weekly Pivot Point.
The indexes should also be mentioned as danger.
If they tank, they will likely to drag PYPL with it (even if it is bullish).
In summary, there are both bullish and bearish signs.
It is worth keeping an eye on where it is heading before you start trading.
Resistance: 99.67, 102.65, 111.6
Support: 90.03, 84.9, 76.17
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