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Can Walmart protect you from the September swoon?
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Trends & Analysis
News
Can Walmart protect you from the September swoon?
News
Costco’s shares slide despite upbeat results
News
US stocks decline after Fed lifts rate by 75bps
News
Ford shares hit speed-breaker amid supply concerns
News
Crude oil burns brighter amid supply concerns
News
Gold recovers after closing at a two-year low

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Asset Watch

Could eBay bounce this week?

 

Tuesday, August 9, 2022, 12:50pm GMT

Despite outperforming analysts’ second-quarter earnings estimates after hours on Aug. 3, eBay’s stock slumped by more than 5% on Aug. 4. During the Q2 earnings call, CEO Jamie Iannone said, “…our focus category playbook is working. Enthusiast buyers are spending more, and advertising and payments continue to grow. This quarter, we launched several key innovations in line with our long-term objectives. These ongoing efforts have put eBay in a stronger position today than it was when we entered the pandemic.”
So, while the consensus was far from enthused, could short-term support be on the horizon?

Source: TradingView

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?

 

Sources:

eBay earnings call transcript:

https://seekingalpha.com/article/4529429-ebay-inc-ebay-ceo-jamie-iannone-on-q2-2022-results-earnings-call-transcript

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