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EBAY– eBay, Inc. – The online auction and shopping website saw its shares taking a breath after topping the previous peak at $18.25. From October 07 double peak at $40.50 prices retraced sharply breaking through the main bullish support line at $35.75 and reversing the trend from bullish to bearish. The downtrend rolled out with an initial decline to $31.00 before pulling back to resistance at $35.00, a former support level during the uptrend. The first wave of contraction ended at $25.25 in March 08 when a corrective up move developed reaching $33.25. The key movement that triggered the second phase of the decline was the double bottom breakout at $29.75 which cleared the way for the final sell off to the lows at $10.00. The swift recovery of the $13.00 area evolved into a Low Pole pattern projecting an upside target at $19.00 which is at close reach right now. The outlook changed at the beginning of April 09 when prices penetrated through the main bearish resistance line at $15.00 changing the trend to bullish. The uptrend is now taking a breath after touching $18.25. For the next sessions we expect to see a slow down towards the intermediate trendline now at $15.50 before the ride will start again. Relative Strength vs the market is positive both short and long term implying an outperformance for the auction share. Stay long and increase at double top breakout at $18.50 with short term target set at $22.25. In the medium to long term the objective is set at $34.00. On the downside lighten at double bottom breakout at $16.00 and close all longs at penetration of the main bullish support line now crossing at $14.00 with possible contraction down to the lows at $10.00.
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