PayPal (PYPL) – Cup-and-Handle Setup looks very BULLISH
PayPal is showing a well-formed cup-and-handle pattern, with a currently consolidating handle. The stock is moving within an ascending channel, which helps project a path to the bullish target of $92.40.
However, this is an early-stage breakout setup and carries some risk.
If the price breaks below the lower boundary of the ascending channel (currently around $72), it could invalidate the pattern.
With the 150-day moving average far below and the RSI in overbought territory, any failure to hold support would suggest an overextended stock.
On the upside, volume is increasing, and the market's current bullish trend gives PayPal a solid chance at breaking through the $74 resistance and heading toward the target.
With pre-market price of ~$74 PayPal looks ready to test the $74 resistance.
However, keep an eye on $72 support level for risk management, and wait for volume for breakout confirmation.
Do you think PayPal can sustain this momentum, or is the stock too stretched for a breakout?
However, this is an early-stage breakout setup and carries some risk.
If the price breaks below the lower boundary of the ascending channel (currently around $72), it could invalidate the pattern.
With the 150-day moving average far below and the RSI in overbought territory, any failure to hold support would suggest an overextended stock.
On the upside, volume is increasing, and the market's current bullish trend gives PayPal a solid chance at breaking through the $74 resistance and heading toward the target.
With pre-market price of ~$74 PayPal looks ready to test the $74 resistance.
However, keep an eye on $72 support level for risk management, and wait for volume for breakout confirmation.
Do you think PayPal can sustain this momentum, or is the stock too stretched for a breakout?
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