$PYPL PayPal under heavy fire, where is the bottom??
Paypal got destroyed over the last couple of months, after it made it's double top on July 26th.
It has lost 35% of its value since then.
Paypal gapped below the support at around 222ish$ today and that triggered even more selling, since that support held for almost a year now.
The next area, where i see heavy support is at around 184-190$
I feel like that support must really hold, if we for example would gap below that support too and keep selling off,
there is a gap that would be closed at 130$.
Overall, the
PYPL chart really got some technical damage done to it, and it will need some hard work of the bulls to repair that damage.
We ripped a big down gap today, so i expect somewhat of a recovery rallye, also to work off that oversold RSI, but i would not be surprised, if we see another leg down in thePYPL chart afterwards, since there's alot of fear in this stock now, and holders might use a recovery rallye to rebalance PYPL in their portfolios.
Definetly not the stock, that would blindly go long on now, just because it got sold off, there's potentially a lot more selling to come inPYPL
It has lost 35% of its value since then.
Paypal gapped below the support at around 222ish$ today and that triggered even more selling, since that support held for almost a year now.
The next area, where i see heavy support is at around 184-190$
I feel like that support must really hold, if we for example would gap below that support too and keep selling off,
there is a gap that would be closed at 130$.
Overall, the
PYPL chart really got some technical damage done to it, and it will need some hard work of the bulls to repair that damage.We ripped a big down gap today, so i expect somewhat of a recovery rallye, also to work off that oversold RSI, but i would not be surprised, if we see another leg down in the
PYPL chart afterwards, since there's alot of fear in this stock now, and holders might use a recovery rallye to rebalance PYPL in their portfolios.Definetly not the stock, that would blindly go long on now, just because it got sold off, there's potentially a lot more selling to come in
PYPL
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