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Aayush Jindal

Key Highlights

  • PayPal stock price is finding bids near the $50 zone.
  • A connecting bearish trend line is forming with resistance near $65 on the weekly chart.
  • A clear move above $65 might start a recovery wave toward $78 or even $100.
  • The company reported net revenues of $7.4 billion in Q3 2023, growth of 8% and 9% FXN.

PayPal Price Analysis

In the past few months, PayPal (NASDAQ: PYPL) declined heavily from well above the $200 level. The price even settled below the $100 level and recently tested $50, where some bulls emerged.

Recently, the company published its earnings report for Q3 2023. The company reported net revenues of $7.4 billion in Q3 2023, growth of 8% and 9% FXN. Besides, it posted the total payment volume (TPV) of $387.7 billion, up 15% and 13% on an FX-neutral (FXN) basis.

Looking at the weekly chart of PayPal stock, the bulls took some stand near the $50 zone. The price is now attempting a recovery wave above the $55 and $60 levels.

However, the price is facing a major hurdle near the $65 zone. There is also a connecting bearish trend line forming with resistance near $65 on the same chart. A close above the $65 resistance zone could set the pace for a decent recovery wave.

The next key resistance is near the $78 level. A clear move above the $78 level might send the price toward the 23.6% Fib retracement level of the downward move from the $309 swing high to the $50 low.

A close above the $78 level could set the pace for a larger increase. In the stated case, there could be a move toward the $100 level.

If not, PayPal stock price might start a fresh decline. Immediate support is $55. The next major support is near the $50 level, below which the price could drop toward $42. Any more losses might send the price toward the $35 level.

Economic Releases

  • US ADP Employment Change for Dec 2023 - Forecast 115K, versus 103K previous.
  • US Initial Jobless Claims - Forecast 216K, versus 218K previous.