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10/18/99
eBay Inc (EBAY)
Points to watch:
eBay's rally from the August 5th lows is
looking more and more like an average run of the mill bear market rally
rather than a new leg up. The stock's August-September rally ran
into trouble at the 50% retracement level (of its 4/27-8/5 decline).
Three rally attempts during September and October all were stopped at this
level.
On Friday, the stock closed below its
200 day moving average (136.46) for the first time since August, ending
the day at 134.13, the 38% retracement of its April-August decline.
Support is at the 9/20 low of 130, a level which acted as resistance in
August and as support two times during June. A sell signal would be
given if the stock fails to hold the 130 level, and the stock would then
likely retest support at 115-120. |
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