eBay broke down major support at $50 and closed on dead lows at $49.60 on Friday showing relative weakness as markets trading on highs.
Today, it opened with gap and caught some early follow through. Gap open could be new point of reference at $49.30, then we have $49.50 previous low of the day and then $50 psychological level which should act like resistance if sellers want to keep control on price.
I want to see few days of consolidation below, so then we can expect continuation move lower.
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Read my earlier thoughts on EBAY in the link below
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Today, it opened with gap and caught some early follow through. Gap open could be new point of reference at $49.30, then we have $49.50 previous low of the day and then $50 psychological level which should act like resistance if sellers want to keep control on price.
I want to see few days of consolidation below, so then we can expect continuation move lower.
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Read my earlier thoughts on EBAY in the link below
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