Paypal’s bearish momentum does not seem to bother the “whales”
Shares in Paypal Holdings, Inc. (symbol ‘PYPL’) is sitting on a small profit percentage in the first quarter of the year. The company is expected to report its earnings for the fiscal quarter ending March 2023 on Monday 8th of May, after market close. The consensus EPS is $0,82 compared to the result for the same quarter last year of $0.54.
‘ With the institutional ownership being more than 70% the share of the payments giant is a favorite among the big investors. The latest current ratio figure on December 2022 is at 128% while the strong balance sheet contains assets that outweigh the liabilities by almost $20 Billions the company is showing healthy financial strength.‘’ said Antreas Themistokleous, an analyst at Exness.
On the technical side the price has been trading in a descending triangle for the last couple of months and seems to be approaching the end of the formation. Even though the Stochastic oscillator is not indicating any oversold or overbought levels the 50 SMA has crossed below the 100 SMA possibly indicating that a bearish correction might be imminent in the following sessions.
If this scenario is confirmed in the near short term we might see some strong support around the $71 price area which consists of the lower boundary of the current formation as well as the 78.6% of the weekly Fibonacci retracement level. Of course for this to happen the price needs to break below the technical support level of the $74,50 which includes the moving averages area and th e61.8% of the Fibonacci.
‘ With the institutional ownership being more than 70% the share of the payments giant is a favorite among the big investors. The latest current ratio figure on December 2022 is at 128% while the strong balance sheet contains assets that outweigh the liabilities by almost $20 Billions the company is showing healthy financial strength.‘’ said Antreas Themistokleous, an analyst at Exness.
On the technical side the price has been trading in a descending triangle for the last couple of months and seems to be approaching the end of the formation. Even though the Stochastic oscillator is not indicating any oversold or overbought levels the 50 SMA has crossed below the 100 SMA possibly indicating that a bearish correction might be imminent in the following sessions.
If this scenario is confirmed in the near short term we might see some strong support around the $71 price area which consists of the lower boundary of the current formation as well as the 78.6% of the weekly Fibonacci retracement level. Of course for this to happen the price needs to break below the technical support level of the $74,50 which includes the moving averages area and th e61.8% of the Fibonacci.
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