Current trend
Shares of eBay Inc., an American online retailing company, have been growing for the second month in a row and have now entered the upper reversal range, where they are trading at 51.56 (Murrey level [ 1/8]), consolidating above which will allow quotes to continue upward dynamics to the levels of 53.12 (Murrey level [ 2/8]) and 56.25 (Murrey level [5/8], MN1).
The key for the "bears" is the upper border of the main Murrey trading range in the area of 50.00 (Murrey level [8/8]), supported by the central line of Bollinger Bands, consolidation below which may lead to the resumption of a significant decline in the trading instrument to the levels of 46.88 (Murrey level [6/8]) and 45.31 (Murrey level [5/8]).
Technical indicators confirm the continuation of the uptrend: Bollinger Bands are reversing up, MACD is increasing in a positive zone, while a downward reversal of Stochastic does not exclude a corrective pullback of the price to the area of 50.00, but it is unlikely to lead to a change in the current trend.
Support and resistance
Resistance levels: 51.56, 53.12, 56.25.
Support levels: 50.00, 46.88, 45.31.
Trading tips
Long positions can be opened above the 51.56 mark or after the price reversal around 50.00 with targets of 53.12, 56.25 and stop-losses of 50.20 and 48.70, respectively. Implementation period: 5–7 days.
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