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PayPal: Another Stock Trading Platform?
Information is not investment advice
PayPal is an electronic commerce company that facilitates payments between parties through online transfers. PayPal allows customers to establish an account on its platform, which is connected to a user's credit card or checking account.
PayPal management discusses an opportunity of offering securities brokerage services. The recent report indicates that the company is engaged in studying that possibility, already have set up a division called Invest at PayPal.
A major factor probably spurring PayPal's interest in this market is a boom in retail investing, with estimates indicating that more than 10 million new investors have entered the market during the first half of 2021, approximately the same number recorded in all of 2020.
Also, PayPal announced that the residents of the United Kingdom will be able to buy and hold cryptocurrencies through the PayPal website and app. The global payments provider announced Sunday that U.K. customers will soon have access to Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) through PayPal’s website and mobile app. The announcement marks the first expansion of PayPal’s cryptocurrency services beyond the United States — a service that first launched in November of last year.
PayPal looks bullish in the middle-term period. If the price slides down, the best buy option will be at $275. Otherwise, a long position might be opened after the $308 breakout.
The main resistance for Paypal stock is the dotted line, which connects previous highs (the stock is going to reach it at approximately $330). As soon as this line gets broken through PayPal will head at $370.
PayPal has a strong support level at $275. If the price breaks this level and the 200-day moving average it will drop to the next support level at $235.
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