Monday, July 23, 2018 11:59:10 AM
Last week, leading electronic commerce company, ebay inc (NASDAQ:EBAY), dropped sharply after reporting earnings and issuing weaker guidance. Traders should note that the stock actually peaked on February 1, 2018 at $46.99 a share. Since that pivot high in the stock price the shares have plunged and are currently trading a $33.58 a share. EBAY stock is now trading below its important 50 and 200-day moving averages. This chart formation now puts the stock in a weak technical position.
There will be two key support levels for EBAY stock coming up. The first support level will be around the $30.00 area. This is where the 200-week moving average is located. If price comes directly into this moving average it should serve as support when tested. The second major support level f or EBAY stock will be around the $27.50 area. This level is where the stock was defended in November 2016. Often, stocks will find important support when a major pivot area gets retested.
Nicholas Santiago
InTheMoneyStocks
Recent EBAY News
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