EBAY Bounce to at least $52 and possibly $57

I have initiated a LONG position at $49.2

Obviously this looks like a stock in a trading range between $48 and $57. So right now you have a potential $1-$2 risk with about $7-$8 gain. Also note that recently the support at $48 looks to be confirmed.

A more conservative target would be $52. Since this is likely the highest resistance zone with the highest volume of shares traded at that level. This would be a good point to take some profit if not selling all.

In this Case you still have a reward:risk ratio greater than 1.

Therefore, I don't see a reason NOT to buy. :)