After a long consolidation process, Paypal (PYPL) has now completed a golden cross formation and also made the third highest weekly close since September 2023 at $67. The 200 day moving average, now at $61.56, has started to rise. These factors suggest that further upside is on the cards.
The 14 day relative strength index is currently in overbought territory at 72% and may well provoke some short-term profit taking toward the 200 day moving average at $61.50 level, however as long as rising trendline support at $59 holds, one can assume that this stock can be traded from the long side.
Fibonacci retracement levels encasing the entire $299.79 to $52.04 range seen since July 2021 would set the initial upside 23.6% target level at $105.06.
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