Stock of the day: eBay

By Tomasz Wisniewski|

Published: November 02 2022, 09:21 GMT+0

Stock of the day: eBay

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The positive mood on stocks persists and more and more companies are spoiling us with promising buy signals. Today, a company which was and is still under heavy bearish pressure – eBay. Despite the negative sentiment for most e-commerce giants, eBay is currently showing sparks of hope with a potentially very nice bullish occasion.

This bullish occasion is gathered around the inverse Head and Shoulders pattern (yellow). This pattern is already up and running since the price broke its neckline (red) and also defended it as a support. The price also broke the mid-term down trendline (green), which is an additional positive factor.

What is left to full scale optimism are two resistances. The first one is the blue horizontal resistance around the 40.6 USD (a strong support in June and July) and the second one is the black, long-term down trendline. Only the price breaking those two resistances would mean a proper, long-term buy signal. As long as we stay below, sellers still seem to control the situation but as you can see, their dominance is being questioned as we speak.

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