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EBAY confirms major breakout through compound top that took a year to form


eBay (NASDAQ:EBAY) — This online auctioneer is in reality a global commercial platform that is the largest of its kind. It owns Pay-Pal, Bill Me Later, Gmarket, GSI Commerce, Shopping .com and StubHub.

Its fourth-quarter 2011 earnings were considerably above analysts’ estimates. Currently,11 Wall Streetanalysts have a “strong buy” on EBAY, nine are a “buy,” and 13 are a “hold. There is only one who rates the stock “underperform.”

Yesterday, EBAY confirmed a major breakout through a compound top that has taken a full year to form. Heavy accumulation in the past month helped it flash a “golden cross,” a long-term buy signal. The breakout has a trading target of $41.

Trade of the Day – eBay (NASDAQ:EBAY)
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