Time to Stop Bidding for eBay?
There are three technical indications on the weekly chart that suggest that eBay (EBAY) may have put in an intermediate-term top.
The first chart shows the steady climb in the stock price since the 2009 low and the uptrend line that defines the move. Fibonacci retracements were included not to predict a pullback level, but to project a target high. The $27.50 level stood out as, first, a key resistance level marking the 2010 high, and then as important support for all of 2011, defining the bottom of a long-term channel consolidation. I used the 2009 low as a starting point and the $27.50 level as a 50% retracement and the upside projection measured to the recent June high....271 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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