After climbing four spots on Friday and 36 spots in the last month, online retailer eBay (EBAY) has returned to the Green Favored Zone of the SIA NASDAQ 100 Index Report from a recent dip down into the red zone. An all-time high close for eBay on Friday above $65.00 has completed a bullish Ascending Triangle breakout for the second time this year, signaling the start of a new upleg.
Breakouts from two bullish Ascending Triangle this year and last year’s breakout over $40.00 that kicked off the current uptrend have generated several measured potential resistance tests including $70.00, $75.00, $77.50 and $85.00. Initial support appears near $60.00, a retest of a previous breakout point.
Earlier this year, eBay (EBAY) shares completed bullish Spread Triple Top and Double Top breakouts, signaling the start of new advances, while a series of higher column lows indicated steady underlying investor support. On Friday, the shares finished just a few pennies short of $65.35. A close above that level would complete another double top, signal the start of a new upleg, and confirm the larger uptrend remains intact.
Should that occur, horizontal and vertical counts suggest potential upside resistance may emerge near $76.55, $79.65, and $86.25 on trend. Initial support appears near $59.20 based on a 3-box reversal.
With its bullish SMAX score increasing to 8, eBay is exhibiting strength against the asset classes.
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