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.
Teach Yourself Technical Analysis: Teach yourself technicals
CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).
This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.
Hot Features
Premium
Register for real-time alerts, custom portfolio, and market movers
