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Hawk’s Nest

Beaten Down Payments Leader Sees Opening Put Sale Look for Bounce

by | Dec 19, 2022

Paypal (PYPL) with opening sellers for 1400 January $67 puts at $3.00 down to $2.86. Retesting the 2022 lows and quite extended. The stock made its lows at 67.50 early this summe and rallied up to the 100 level before retracing it all in a choppy move down and now retesting big double bottom support with the potential to see a rebound into January as alot of these beaten up growth names likely see tax selling conclude. The January effect some call it where the worst stocks of the year tend to see a strong bounce to start the following year. Upside exists on a bounce up to 75 and then 80 being close to the declining 55 EMA.