EBAY unable to break through key resistance level
Moving higher for the 2nd day in a row, EBAY ended Thursday at 38.40 gaining $0.05 (0.13%) on low volume. Today's closing price of 38.40 marks the highest close since May 10th. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Thursday's trading range was $0.61 (1.6%), that's below last trading month's daily average range of $0.79. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.
Unable to break through the key technical resistance level at 38.82, the stock closed below it after spiking as high as 38.84 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After spiking up to 38.84 during the day, eBay Inc. found resistance at the 200-day moving average at 38.68.
The market shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Selling could accelerate should prices move below the close-by swing low at 37.69 where further sell stops might get activated. With prices trading close to this year's low at 36.81, downside momentum could speed up should the share break out to new lows for the year.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
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