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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in eBay (NASDAQ:EBAY) based on the price action in the company's shares. Today's price range of $31.72 and $32.02 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. Traders and investors interested in shares of eBay may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, eBay share prices have been bracketed by a low of $21.51 and a high of $33.19 and are now at $31.97, 49% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has remained constant.

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.

eBay (NASDAQ:EBAY) is currently priced 6.5% above its average consensus analyst price target of $29.90. The stock should find initial support at its 200-day moving average (MA) of $26.05 and further support at its 50-day MA of $24.26.

SmarTrend recommended that subscribers consider buying shares of eBay on April 6th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $24.94. Since that recommendation, shares of eBay have risen 26.9%. We continue to monitor EBAY for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle

Ticker(s): EBAY