Current trend

Shares of eBay Inc., an American online retailing company, are trading within the framework of a long-term uptrend: at the beginning of this month, the price reached the upper limit of the Murrey trading range at 56.25 (Murrey level [8/8]), and since then it has been actively testing it, but cannot consolidate above it yet. If successful, the growth targets will be 57.81 (Murrey level [ 2/8]) and 59.38 (Murrey level [7/8], W1). The key for the "bears" is the reversal level of 54.69 (Murrey level [6/8]), supported by the central line of Bollinger Bands, the breakdown of which may ensure the development of downward dynamics to the central mark of the Murrey trading range of 53.12 (Murrey level [4/8]) or to the target of 51.56 (Murrey level [2/8]).

Technical indicators confirm the continuation of the uptrend: Bollinger Bands are directed upwards, MACD is stable in the positive zone, while Stochastic has reversed downwards, but the potential for a corrective decline is seen to be limited.

Support and resistance

Resistance levels: 56.25, 57.81, 59.38.

Support levels: 54.69, 53.12, 51.56.

Trading tips

Long positions can be opened above the 56.25 mark with targets of 57.81, 59.38 and stop-loss around 55.30. Implementation period: 5–7 days.

Short positions should be opened below the level of 54.69 with targets of 53.12, 51.56 and stop-loss around 55.80.