PYPL ( PayPal ) is breaking out of the descending price channel
Stock : PYPL ( PayPal Inc )
Date : 27 Mar 2024
Trend : Up
preferred Transaction : Buy ( 66.50 $ )
Reasons : The stock has broken out above the resistance level of the upper line of the descending price channel
Technical Analysis success at level : zone ( 87 $ to 91 $ )
Technical Analysis fail at level : 60.40 $
Date : 27 Mar 2024
Trend : Up
preferred Transaction : Buy ( 66.50 $ )
Reasons : The stock has broken out above the resistance level of the upper line of the descending price channel
Technical Analysis success at level : zone ( 87 $ to 91 $ )
Technical Analysis fail at level : 60.40 $
Therefore, we currently have two options, and we prefer to proceed with the second one:
1. Maintain the stop at the current level and close the position there.
Or
2. Wait for the support level at $60.60 and purchase shares at this price once we observe favorable price action.
Our stop level must be set at $57, where the trend begins to decline.