Sunday, 8 July 2012

EBAY Trade Update

Below is a chart of EBAY and an update on my trade
I went long ( BUY) once the price broke through the resistance level
The chart was showing an Ascending Triangle in an uptrend with a break of the upper resistance
This is normally a continuation pattern in chart technical analysis
As the chart below shows there was bearish price activity this past week
My trade is still open , I have put my stops below the previous pivot low of $39.50.
I am expecting the price to rebound next week off the rising trendline as depicted by the large white UP Arrow.
If the price falls below the trendline and the prior low then the trade is no longer valid and I will be out of EBAY.
I will keep readers posted

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