EBAY rises to highest close ever
eBay Inc. (EBAY) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, EBAY ended the month 15.17% higher at 52.45 after gaining $1.14 (2.22%) today, slightly outperforming the Nasdaq 100 (1.96%). Today's close at 52.45 marks the highest recorded closing price ever. The bulls were in full control today, moving the market higher throughout the whole session.
Daily Candlestick Chart (EBAY as at Jun 30, 2020):
Tuesday's trading range has been $1.42 (2.76%), that's slightly below the last trading month's daily average range of $1.43. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for EBAY.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on June 25th, EBAY gained 3.02% on the following trading day.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day although could signal a potential change in momentum that might lead to a correction back down towards the center of the Bollinger Bands at 49.04.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "4 Consecutive Higher Closes" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for eBay. Out of 86 times, EBAY closed lower 56.98% of the time on the next trading day after the market condition occurred.