EBAY STOCK RISES ABOVE MA5 ON RATING UPGRADE
EBay Inc.’s stock is currently trading at 50.69-higher by 2.61% as compared to the previous closing price. In the pre-market trading session, the stock was trading higher by 2.15%. The stock has continued gaining after the opening bell.
Deutsche Bank upgraded the online marketplace’s stock to buy from hold. The financial services company also hikes the price target of eBay to $57 per share from $42 a share. Deutsche Bank upgraded the stock of eBay as it expects further appreciation for the share as consumers flock to online shopping. The financial services company further said that the online marketplace’s stocks have appreciated materially since the lows in March on the back of strong core Marketplace growth.
An expectation that Classifieds transaction value could come in at the high-end of the estimates also lifted the stocks of eBay. The investment bank expects there is a scope for further appreciation over the mid-term as the Deutsche survey shows new customers on the platform have had a positive experience. The investment bank expects the online marketplace to top second-quarter results based on strong responses. Stocks of the eBay have rallied about 39% Year-to-date.
On the technical front, the RSI is currently at 71.23% and suggests that the market can move in the upward direction. The current price is above the MA5. The %K has crossed the %D from below to the upside at around 53% and suggests that the market can move in the upward direction.
Overall Bias is Positive and short-term trades can be initiated with tight Stop Loss and Profit targets.
TRADE SUGGESTION- LIMIT BUY AT 50.65 TAKE PROFIT AT 51.25 STOP LOSS AT 50.35