Trading Idea - eBay Broke Resistance, What to Expect?

Published on Friday, 03 February 2012 06:52 Written by Christian Paolinetti

New York, February 3rd (TradersHuddle.com) - Shares of eBay Inc. (NASDAQ:EBAY) closed the trading session at $32.70 just above calculated resistance at $32.45 moving to what appears to be a new range, as this move will clearly raise the attention of momentum buyers.

eBay Inc. (NASDAQ:EBAY) operates an online auction community. The service is used to buy and sell products and services such as coins, collectibles, computers, memorabilia, stamps and toys, and sporting tickets. eBay also offers, through its subsidiary PayPal, secure online payment services.

eBay's stock was trading in a well defined range with support at $29.89 and resistance at $32.45, given that this range was broken traders will be closely monitoring the stock