Trading Roundup: PayPal – An Oldie but a Goldie
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Have you ever given a thought to how fast technology actually moves? There are new developments every single day of our increasingly computerised lives.
One of the most basic things, payment, is a very vivid example. Fewer and fewer people are using real cash. We're clearly on the road to a cashless future considering the growing number of cashless payment options.
Why the preamble? There's one stock that's been steadily on the rise – PayPal. The company is no doubt the benchmark for the cashless transactions. The platform was one of the first digital providers of bank-like solutions, i.e., sending money and processing payments.
Today, PayPal boasts 227 million accounts worldwide and processes $2.2 billion transactions on a quarterly basis. Its stock is up 140% since its July 2015 spin-off. These are fascinating numbers, but let's now have a more detailed look at the latest movements of PayPal share CFD price!
Overview of PayPal Share CFD Price
Bullish Pennant for Uptrend Continuation
Source: #PYPL, H8 chart, Admiral Markets MT5 with MT5 add-on, Jun 2018
The massive uptrend in the PayPal share price could continue. The H8 time frame shows a structured bullish pennant; in the short run, we could see a spike after a potential retest of the POC zone. If we don't see a POC zone retest but rather a candle close above Monthly H3 (M H3) resistance, the share price could bounce to 89.14 and 91.54. Only a strong momentum or a daily candle close above 91.54 should start a new rally towards 97.07 – the strongest Monthly Pivot Point (M H5).
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References
This material does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not reliable indicator for any current or future performance as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks.
