eBay plummets - Analysis - 20-07-2018

eBays' stock (EBAY) slid in the intraday levels, after touching the resistance of the 50-day SMA, marking a hefty loss of 10.12% in the last session, or 3.84 points, and piercing the support of 34.65, which represents the ratio 50% of Fibonacci retracement levels for an ascending wave in the medium term (from 22.30 to 46.99), with negative signals from the Relative Strength Index after reaching extremely overbought levels compared to stock's movements, coupled with a noticeable rise in trading volumes. 

Therefore we expect more losses for the stock, as long as it settles below 34.65, targeting the next support at 31.73, which represents the ratio 61.8% of the same retracement levels.