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Trends & Analysis
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Trends & Analysis
News

Nvidia’s stock surges past $1,000 on strong Q1

News

Will mighty Microsoft build on its 2024 gains?

News

USD gains amid Fed rate cut speculations

News

Is the silver squeeze back?

News

Li Auto’s stock hits a speedbump on Q1 results

News

Gold closes week higher on rate cut speculations

Asset Watch

Avoid the tech wreck with PayPal?

Tuesday, April 23, 2024

The high flyers have hit turbulence, as the once invincible NVIDIA sunk by 10% on Apr. 19. As investors shun the AI winners and potentially go bargain hunting, could PayPal reward the bulls in the weeks ahead?
Deutsche Bank analysts expect an earnings surprise on Apr. 30, as new CEO Alex Chriss implements higher prices and revamps underperforming segments.
“We think the setup for PYPL is more positive than it has been in some time, given that FY24 expectations have been reset and the new CEO’s agenda begins to take form in FY24,” they wrote.
And with the stock underperforming many of its Big Tech peers in 2024, the smallest catalyst could reignite investors’ optimism for the embattled stock.

On the technical front, some key levels should be on your radar. First up, while the broader market suffered, PayPal bounced off its 100-day moving average on Apr. 19, and several false breakdowns have occurred over the last few months. As such, the bulls continue to defend the stock in this area.

Second, a daily RSI near 40 has largely marked short-term bottoms this year, and the current reading is near these 2024 lows. Therefore, it’s another clue that the recent correction may have run its course.

Finally, PayPal faces resistance near $68, as there has been little fundamental fuel to push the stock beyond this threshold. But, if Deutsche Bank analysts are right and earnings outperform, their $74 price target could be attainable in the weeks ahead.

So, is PayPal poised to pounce, or are the optimists about to suffer another disappointment?


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