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Asset Watch
Tuesday, April 23, 2024
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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