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Technical Setup: EBAY INC Appears Poised for a Breakout.

By Mill Chart

Last update: Apr 23, 2024

Our stock screener has detected a potential breakout setup on EBAY INC (NASDAQ:EBAY). This breakout pattern is observed when a stock consolidates following a strong upward movement. It's important to note that this pattern is based on technical analysis, and the actual breakout outcome is uncertain. However, it might be worth keeping an eye on NASDAQ:EBAY.

EBAY Daily chart on 2024-04-23

What is the technical picture of NASDAQ:EBAY telling us.

ChartMill utilizes a proprietary algorithm to assign a Technical Rating to every stock. This rating, ranging from 0 to 10, is computed daily by analyzing a variety of technical indicators and properties.

We assign a technical rating of 7 out of 10 to EBAY. In the last year, EBAY was one of the better performers, but we do observe some doubts in the very recent evolution.

  • The short term is neutral, but the long term trend is still positive. Not much to worry about for now.
  • EBAY is part of the Broadline Retail industry. There are 34 other stocks in this industry. EBAY outperforms 72% of them.
  • EBAY is currently trading in the upper part of its 52 week range. The S&P500 Index is also trading in the upper part of its 52 week range, so EBAY is performing more or less in line with the market.
  • In the last month EBAY has a been trading in the 49.41 - 52.93 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.
  • When comparing the yearly performance of all stocks, we notice that EBAY is one of the better performing stocks in the market, outperforming 80% of all stocks. However, this relatively good performance is mostly due to a recent big move.

Our latest full technical report of EBAY contains the most current technical analsysis.

How do we evaluate the setup for NASDAQ:EBAY?

ChartMill takes into account not only the Technical Rating but also assigns a Setup Rating to each stock. This rating, on a scale of 0 to 10, reflects the degree of consolidation observed based on short-term technical indicators. Currently, NASDAQ:EBAY exhibits a 9 setup rating, indicating its consolidation status in recent days and weeks.

EBAY has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 52.41. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 50.38, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

How to trade NASDAQ:EBAY?

A breakout opportunity may arise when the stock surpasses the current consolidation zone and reaches new highs. Traders often wait for this breakout before considering buying the stock. To manage risk, a stop loss order could be placed below the consolidation zone to limit potential losses.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

Our Breakout screener lists more breakout setups and is updated daily.

Keep in mind

This article should in no way be interpreted as advice in any way. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.



NASDAQ:EBAY (5/20/2024, 7:00:01 PM)

After market: 51.16 -0.08 (-0.16%)


-0.24 (-0.47%)


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