PYPL Tags Our Target Zone
by Mike Paulenoff
November 28, 2020 • 12:31 PM EST
This past Tuesday afternoon (11/24), in response to an MPTrader subscriber question about PayPal (PYPL), Mike Paulenoff wrote:
"My interpretation of the BIG picture set up is that PYPL ended a near-term correction from its 9/02 high at 212.46 into the 11/03 low at 174.81, where it also started a new upleg that remains in progress, and points to a target zone of 215-220."
The stock, which was trading at 205.17 at the time, charged out of the blocks the very next day, hitting Mike's projected zone as it thrust over 5% to a new all-time high at 216.07.
Mike posted a follow-up chart commentary indicating that "as long as any weakness is contained by near-term support at 208-209 optimally, and at 204-205 critically, PYPL will remain in a bullish technical setup within the upleg from the 11/03 pivot low."
PYPL subsequently pulled back during Friday's holiday-shortened session, closing the week at 211.39, up 3% from Mike's initial chart post and still maintaining its bullish near-term set up.
What will the near future have in store for PYPL?
Join Mike and his MPTrader community in our Member's Room to see Mike's forthcoming analysis and member discussion about PYPL as well as many other names, ETFs, indices, and commodities.
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