Stock of the day: eBay

By Tomasz Wisniewski|

Published: January 16 2023, 13:48 GMT+0

Stock of the day: eBay

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January is definitely an exciting month for stocks. People are making money again and from the technical point of view, it looks like the beginning, not the end! Let us look for interesting buying opportunities here, which is a very easy task due to the aforementioned circumstance. The first occasion this week shall be eBay who created a promising buy signal a few weeks ago.

In the second half of 2023, eBay was busy creating a massive inverse head and shoulders pattern (yellow), which, of course, is a bullish one and promotes a further rise. The pattern got activated recently when the price broke its neckline (red). In theory, this seals the deal and the buy signal is ON.

As for targets, I think that 38,2% seems like a reasonable one. The buy signal stays in place as long as the price manages to hold above the neckline. eBay dropping below the neckline would be a signal to go short but as for now, chances of that are rather limited.

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