Falling wedge on the weekly
Market:
The overall market has been riding high, but we are approaching overbought territory, raising concerns about a correction.
Specifics on PYPL:
On the weekly chart, a big falling wedge pattern has formed, typically a bullish signal. However, PYPL's struggle to break out on January 22 and the fundamental challenges, including decreasing margins add layers of complexity.
Perspective:
I am bullish in the mid and long term, I would be careful. The falling wedge pattern suggests a potential bullish reversal, but risks associated with market correction and internal challenges pose threats.
Target Price:
I see two potential scenarios:
1. In the event of a market correction, PYPL might experience a dip near its 52-week low at $50.23. However, after that, I expect a quick rebound, with a bullish breakout - target at $66.96 (P Pivot) and a further price target of $83.51 (R1 Pivot) post-breakout.
2. There is no market correction and PYPL manages to break out (I personally find this scenario less likely), reaching the P Pivot, but with less momentum.
Support Level:
The support level is at $50.23, (52-week low).
Technicals: ✅
Fundamentals: ✅
The overall market has been riding high, but we are approaching overbought territory, raising concerns about a correction.
Specifics on PYPL:
On the weekly chart, a big falling wedge pattern has formed, typically a bullish signal. However, PYPL's struggle to break out on January 22 and the fundamental challenges, including decreasing margins add layers of complexity.
Perspective:
I am bullish in the mid and long term, I would be careful. The falling wedge pattern suggests a potential bullish reversal, but risks associated with market correction and internal challenges pose threats.
Target Price:
I see two potential scenarios:
1. In the event of a market correction, PYPL might experience a dip near its 52-week low at $50.23. However, after that, I expect a quick rebound, with a bullish breakout - target at $66.96 (P Pivot) and a further price target of $83.51 (R1 Pivot) post-breakout.
2. There is no market correction and PYPL manages to break out (I personally find this scenario less likely), reaching the P Pivot, but with less momentum.
Support Level:
The support level is at $50.23, (52-week low).
Technicals: ✅
Fundamentals: ✅
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