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EBAY - Unable to break resistance
Casey Murphy - April 12, 2007


eBay Inc - EBAY 

April 11, 2007

Last Trade

$33.61

Volume

10,758,654

52-Week High

$40.82

52-Week Low

$22.83

Commentary: For today's chart we've chosen to take a look at EBAY because it was unable to break above an interesting level of resistance. As you can see from the chart below, the Fibonacci retracement levels have acted as strong barriers to the price action and the $34.25 level is no exception. The recent bounce off of the resistance will cause many technical traders to watch for a corrective move toward the 23.6% level near $31.50. We'd expect EBAY to remain range-bound between the two Fibonacci levels until the market is able to send the price above $34.25.



Happy Trading,
Casey Murphy,
Senior Analyst, ChartAdvisor


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