Sunday, August 03, 2008

EBAY Update for 08.02.2008


Monthly chart shows continued weakness with no buy signal/pattern evident on this timeframe.

Weekly chart shows price is currently below all key moving averages on this timeframe. While there is a test of the current support, the price action looks decidely less than enthusiastic. Technically, there is a higher low in place, but it is a weak buy signal/pattern.

Daily chart shows price to be below all key moving averages. The price action from the past two weeks seem to be tracing out a bear flag, which signals consolidation. The bulls have had almost two weeks to take the price higher, but have been unable to. This does not bode well for anyone who is long off the double bottom.

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