After climbing four spots on Friday and 36 spots in the last month, online retailer eBay (EBAY) has returned to the Green Favored Zone of the SIA NASDAQ 100 Index Report from a recent dip down into the red zone. An all-time high close for eBay on Friday above $65.00 has completed a bullish Ascending Triangle breakout for the second time this year, signaling the start of a new upleg.
Breakouts from two bullish Ascending Triangle this year and last year’s breakout over $40.00 that kicked off the current uptrend have generated several measured potential resistance tests including $70.00, $75.00, $77.50 and $85.00. Initial support appears near $60.00, a retest of a previous breakout point.
Earlier this year, eBay (EBAY) shares completed bullish Spread Triple Top and Double Top breakouts, signaling the start of new advances, while a series of higher column lows indicated steady underlying investor support. On Friday, the shares finished just a few pennies short of $65.35. A close above that level would complete another double top, signal the start of a new upleg, and confirm the larger uptrend remains intact.
Should that occur, horizontal and vertical counts suggest potential upside resistance may emerge near $76.55, $79.65, and $86.25 on trend. Initial support appears near $59.20 based on a 3-box reversal.
With its bullish SMAX score increasing to 8, eBay is exhibiting strength against the asset classes.
Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.