PayPal Holdings, Inc.

PayPal Attempts a Bull Flag Breakout

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PayPal has been a major beneficiary of coronavirus and the boom in e-commerce. It’s moved sideways since the end of July but now the chart may be attempting a breakout.

PYPL formed a bullish flag since the start of September, with the trendline running down through the early October levels. Yesterday it closed above that trendline.

Prices also consolidated at the 50-say simple moving average (SMA) and 21-day exponential moving average (EMA) for more than two weeks before getting decisively above both.

The weekly chart has some interesting patterns: A bullish inside candle the week ended September 25 followed by a rip higher. Then another bullish inside candle last week, which it’s now escaping.

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PYPL’s last earnings report beat estimates. Its next report is scheduled for November 2. Now that the stock has moved above its falling trendline, it may have the potential for a meltup into the quarterly numbers.

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