PYPL minor correction before bullish continuation

21 באפר׳ 2020

PYPL is on a bullish trend. Price could encounter minor resistance at Wave A ($115) and correct to Wave B ($106) before continuing to test major resistance at Wave C ($124). Alternatively, PYPL could push through minor resistance at Wave B, and continue straight to Wave C without correction. The blue circles indicate the value of using the EMA20 as means to identify strong support/resistance.

• Look for entry around $106
  
• Stop Loss: $102
  
• 1st Target: $114
  
• 2nd Target: $124
  
  If I decided to enter this trade, I will likely trade options (CALLS) instead of purchasing the underlying stock.
  

21 באפר׳ 2020

הערה

I anticipate more correction as indicated by the long bearish daily candle with volume convergence confirming the down wave.