In our previous report (Dec. 26, 2020 – US$50.12) we identified a large wedge pattern (dashed lines), a breakout from this formation (A), a correction to support near US$47-48 (B) and provided targets of US$64 and US$69. Following our report, eBay Inc . had a series of rallies and minor corrections and reached a high of US$70.76 recently to fulfill our targets (C).
Behaviour indicators including the rising 40-week Moving Average (40wMA) and the rising trend-line (solid line) confirm the bullish status. eBay is somewhat overbought; there is good support near US$64-65; only a sustained decline below ±US$60 would be negative.
Point & Figure measurements provide targets of US$74 and US$79. Higher targets are visible.
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Monica Rizk is the senior Technical Analyst and Ron Meisels is the president of Phases & Cycles Inc. (www.phases-cycles.com). And he tweets at @Ronsbriefs. They may hold shares in companies profiled.
Chart source: www.decisionplus.com
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