PYPL Tags Our Target Zone

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?

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