PayPal (NASDAQ:PYPL) finally appears to be bottoming out from a technical perspective. This is supported by the stock's attractive valuation and strong expected growth for 2024. The overall outlook for 2024 is positive for the company.
The main set-up that is noticeable on the monthly chart is the bullish divergence between the recent declining stock price and the rising trend on the MACD and RSI indicators from 2022 through 2023. This set-up typically results in a stock price reversal. Since this is on the monthly chart, the reversal is likely to last for the long term (for at least a year).
The bullish technical set-up can turn into a sustained rally if PayPal's positive growth expectations for 2024 are achieved. PayPal's strong expected revenue and earnings growth for 2024 divided among the quarterly earnings reports could be the catalyst to drive the stock higher next year.
To see the chart and read the entire article click here: PayPal Stock May Have Finally Found the Bottom