June 7, 2024 3:17 PM | 2 min read
20-year pro trader reveals “Moneyline”
Ditch the indicators and use the “Money Line”. A simple line that tells you when to buy or sell without the guesswork. It’s the line on a chart that helped Nic Chahine win 83% of his options purchases. This is how he does it.
PayPal Holdings, Inc. (NASDAQ:PYPL) is gaining attention after rising 5.49% on Thursday. The increase was driven by CEO Alex Kris He offered the optimistic outlook at Bank of America’s Global Technology Conference on Wednesday.
The stock has risen 5.6% over the past year and is on track to gain 10% this year.
2024 – A turning point for PayPal
Chris’ comments at the conference highlighted positive trends, including better than expected second quarter trading profits and operational cost savings.
“We believe second-quarter EPS growth will be ahead of our guidance of low double-digit growth,” Bank of America analysts noted. Despite maintaining a neutral rating on PayPal shares and viewing 2024 as a transitional year, the analysts praised Chris’s commitment to profitable growth.
PayPal’s strategic focuses include rolling out its next-generation core checkout button, optimizing pricing for unbranded businesses, expanding adoption of PayPal Complete Payments (PPCP) in the small business market, and enhancing Venmo monetization with new initiatives such as offering a Venmo debit card upon sign-up.
Also read: PayPal Holdings’ options: what the big money is thinking
PayPal Stock Riding a Bullish Wave
Technically, PayPal stock is riding a bullish wave, with the stock price trading above the 5-day, 20-day, and 50-day exponential moving averages, suggesting strong buying pressure.
Charts: Benzinga Pro
The stock is priced at $67.97 and is above its 8-day SMA of $63.98, 20-day SMA of $63.61 and 50-day SMA of $64.48 which are all bullish indicators. The 200-day SMA of $60.83 is also strengthening this bullish sentiment.
Charts: Benzinga Pro
Moreover, the Moving Average Convergence Divergence (MACD) is suggesting a bullish signal at 0.27 while the Relative Strength Index (RSI) is at 66.43 indicating that the stock is close to the overbought territory.
The Bollinger Bands (25) and (100) indicate that the stock is within a favorable range, confirming the bullish trend.
Recent analyst ratings from New Street Research, Mizuho, and Wells Fargo suggest PayPal is expected to grow by 15%, with an average target price of $78.33. Investors are keeping a close eye on the company as it navigates a transitional period with a focus on growth and innovation.
Read next: GameStop dynamics ‘not the same’ as in 2021, says Andrew: ‘The Roaring Kitty premise is gone’
Photo: Shutterstock
20-year pro trader reveals “Moneyline”
Ditch the indicators and use the “Money Line”. A simple line that tells you when to buy or sell without the guesswork. It’s the line on a chart that helped Nic Chahine win 83% of his options purchases. This is how he does it.
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