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Asset Watch
Tuesday, August 9, 2022
eBay’s 50-day moving average stands at $45.23, which is 4.3% below the Aug. 5 close of $47.28. The key level is also near the November 2020 lows and the June 2022 highs. Therefore, a pullback to this area could provide a tactical buying opportunity.
A subsequent bounce could also help fuel a rally back to $49.72. This level is near the November 2020 highs, the December 2020 lows, the February and March 2022 lows, as well as the May, June and August 2022 highs. Meaning the $50 area has elicited several reversals over the last two years.
As a result, the bulls and the bears have drawn the battle lines between roughly $45.23 and $49.72. However, with risk-on sentiment dominating the financial markets in recent weeks, is the latter more likely than the former?
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