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Possible Bearish Inside Day Candle Pattern Detected for eBay (NASDAQ:EBAY)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in eBay (NASDAQ:EBAY) based on the price action in the company's shares. Today's price range of $34.06 and $34.19 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of eBay may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

eBay share prices have moved between a 52-week high of $34.30 and a 52-week low of $21.51 and are now trading 59% above that low price at $34.15 per share. The 200-day and 50-day moving averages have moved 0.32% lower and 0.02% higher over the past week, respectively.

Based on a current price of $34.15, eBay is currently 12.4% above its average consensus analyst price target of $29.90. The stock should discover initial support at its 200-day moving average (MA) of $26.05 and subsequent support at its 50-day MA of $24.26.

eBay Inc. operats an online trading community. The Company's service is used by buyers and sellers for the exchange of products and services such as coins, collectibles, computers, memorabilia, stamps, and toys, as well as concert and sporting tickets. Ebay also offers, through a subsidiary, secure online payment services.

SmarTrend recommended that subscribers consider buying shares of eBay on January 6th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $30.47. Since that recommendation, shares of eBay have risen 12.5%. We continue to monitor EBAY for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle

Ticker(s): EBAY