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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More Top Calls From Mike
Back on June 26th, when nearby WTI Oil futures were circling $67/bbl, Mike Paulenoff issued a heads-up to MPTrader members about a potentially opportunistic technical setup developing in OXY (Occidental Petroleum), writing:"OXY pressed to a low at 55.58 this AM, which marginally violated the 5/11 low at 56.16, BUT held above the more technically significant March 2023 low at 55.51 prior to pivoting to the upside into positive territory, now trading at 57.47.
On Monday August 28, we posted a heads-up about FCX (Freeport-McMoRan) to our MPTrader members, writing: FCX (Copper, Gold, Oil) producer has the right technical look (and a positive momentum divergence at Friday's low) of a completed pullback (44.70 to 37.74) within its larger bullish multi-month Coil formation. Last Friday's (8/25/23) low at 37.74 represented a very healthy 15.6% correction off of the 7/31/23 rally peak at 44.70 and also amounted to an exact Fibonacci 62% retracement of the 5/24/23 to 7/31/23 advance from 33.06 to 44.70.
Top Call: NVDADuring the afternoon trading session of August 23, 2023, prior to the release of NVDA's (Nvidia Corp.) highly anticipated quarterly earnings report, we alerted our MPTrader members to our near-term forecast for NVDA, derived from my technical setup work heading into earnings.
A week ago Friday, August 10, with SPY (SPDR SP 500 ETF) trading at 446.05, Mike Paulenoff posted a chart commentary to MPTrader members indicating that his technical setup work on SPY was at a critical pattern inflection point.Mike wrote:"Based on today's action, I have come to the conclusion that the "orthodox low" of the decline from the 7/27 high (459.55)... ended at Tuesday's (8/08) low (445.27), and that an intervening counter-trend rally ended at today's (8/10) high (451.
This past Tuesday morning, August 8, Mike Paulenoff responded to a concerned statement from one of our MPTrader members about the TLT (20+ Year T-bond ETF) possibly having turned up in a significant way, especially if weak China data and an "off-sides" crowded hedge fund short position in bonds gets scared (and runs to cover its shorts).