Today’s instrument is the Paypal Holdings Inc. stock traded in the Nasdaq exchange under the ticker PYPL.
Image Source: Pixabay
If we look at the PYPL Daily chart, we can see the extension of the downtrend since October’s 18th selloff in regards to the false rumors about acquiring Pinterest, its price slowly and steadily fell lower and lower, being unable to contain the losses. It managed however since November 3rd to form a support level right above the $225, showing signs of consolidation ahead of today’s announcement. It managed to occasionally rise back up above the $232 level twice, but the backlash was immediate, forcing its price back down at the support level. Its last traded price was $226.
Paypal Holdings Inc. has scheduled a third-quarter earnings announcement today 08/11/2021. If the earning expectations are surpassed, we could expect the price to move upwards, towards the $232 price level.
Today we could expect a move upwards near the $230 resistance level.
If however, it fails to hold above the current price range of $226 then a case can be made for moving below the support level at $225.
(Click on image to enlarge)
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