Saturday, February 09, 2008

EBAY Update for 02.09.2008


Monthly chart shows continued weakness. No buy signal/pattern evident on this tiemframe. So much for the Piper Jaffray upgrade on this stock. For those investors who bought this stock based on the analyst's rating change would be under water today.

Weekly chart shows early buyers stepping back into the stock. There is an abc 3 wave pattern into the .786 fib level, for a possible bounce. Price action thus far looks corrective, and stock could be stuck in a large consolidation range. On a short term basis, there is a pattern in place that warns of possible retracement of the last leg down.

Daily chart shows early buyers showing up on Thursday and Friday of last week. Watch this coming week's trading activity to show increasing strength for a short term rally, and a retracement of the last leg down.

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