PayPal sharpens decline - Analysis - 07-11-2022

PayPal Holdings' stock (PYPL) fell in the intraday levels after the digital payments group cut down its earnings forecasts on Thursday, marking a new loss of 1.79%, or 1.37 points, and settling at 75.18, with trading volumes surpassing 41.4 million shares above 10-day averages of 18 million shares.

Technically, the stock is dominated by the main downward trend in the medium and short terms, with negative pressure from the 50-day SMA, coupled with negative signals from the RSI despite reaching  oversold levels.

Therefore we expect more losses for the stock, targeting the pivotal support of 68.50, provided the resistance of 89.30 holds on.

Expected trend for today: Bearish