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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Ebay Inc (NASDAQ:EBAY) based on the price action in the company's shares. Today's price range of $30.66 and $31.07 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 Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Ebay Inc share prices have moved between a 52-week high of $39.25 and a 52-week low of $26.02 and are now trading 19% above that low price at $30.87 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has declined 0.9%.

eBay Inc. is a global commerce company. The Company's platforms are designed to enable sellers worldwide to organize and offer their inventory for sale and buyers to find and buy it. eBay's items can be new or used, plain or luxurious, commonplace or rare, trendy or one-of-a-kind.

Ebay Inc (NASDAQ:EBAY) has potential upside of 56.4% based on a current price of $30.87 and analysts' consensus price target of $48.28. The stock should find initial resistance at its 50-day moving average (MA) of $34.72 and further resistance at its 200-day MA of $37.24.

SmarTrend recommended that its subscribers protect gains by selling shares of Ebay Inc on October 2nd, 2019 by issuing a Downtrend alert when the shares were trading at $38.28. Since that call, shares of Ebay Inc have fallen 18.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle ebay inc

Ticker(s): EBAY