EBay shares (NASDAQ:EBAY) have been plummeting in this month, thus erasing the recent bullish gains that were made, especially from November 2020 to January 2021. Further short selling is anticipated this year.
ADX period 14, is somewhere around the level 30, meaning that momentum
remains strong in the market. DM- is almost crossing DM+ to the downside, and
that will eventually be done, for the bearish pressure is currently strong.
The MACD default parameters, already has its histogram below the zero
line, and the signal lines are sloping downwards, as they are expected to cross
the zero line to the downside.
When the 2 conditions of the ADX and MACD are fully met (and they
hopefully will), it would result in a Bearish Confirmation Pattern in the
chart, which will make the market fall further downwards. The outlook on EBAY
is bearish for the year 2021, and price may test the support levels at 50.00,
45.00 and 40.00.
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Teach Yourself Technical Analysis: https://www.advfnbooks.com/books/techanalysis/index.html
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