PYPL: A classic Descending Broadening Wedge!
• PYPL is doing a Descending Broadening Wedge in the weekly chart;
• This week it went up almost 20%, and it is in a key resistance area, made by the upper purple trend line and by the 21 ema;
• In theory, PYPL would correct next week, however, if the bullish momentum persists, PYPL would break this Descending Broadening Wedge, and in this scenario, the next resistance is the $122 (green line);
• The volume is increasing, which reinforces the idea of a breakout;
• For now, let’s pay attention to this resistance area.
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• This week it went up almost 20%, and it is in a key resistance area, made by the upper purple trend line and by the 21 ema;
• In theory, PYPL would correct next week, however, if the bullish momentum persists, PYPL would break this Descending Broadening Wedge, and in this scenario, the next resistance is the $122 (green line);
• The volume is increasing, which reinforces the idea of a breakout;
• For now, let’s pay attention to this resistance area.
Remember to follow me to keep in touch with my analyses!
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