Saturday, June 16, 2007

EBAY Analysis for 06.16.2007

Monthly chart shows support off the .618 fib level, with an AB=CD pattern into the .618 support.

Weekly chart shows current support to be at the .382 fib level.

Bulls showed up at the .382 fib level, creating a bullish engulfing pattern, indicating investor sentiment has changed. After a small pullback, buyers gapped up the stock price at the open 2 days in a row. Thursday's price action created a doji, so look to see how traders open the stock the following day -- buyers gapped up the open, indicating buying strength. Look for continued strength, with an upside tgt of the .618 fib at $33.50 and higher.

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