EBay Inc. $EBAY has been on a steady bullish trend since 2009, after bottoming around $5.00 a share during the global financial crisis. It traded almost as much as $47.00 by early 2018, before it started a period of bearish correction in a falling channel.After a period of consolidation at the end of 2018, price started to percolate in early 2019. This week, activist fund Elliott Management, who owns 4% of EBAY, proposed an outline to significantly improve EBAY's business model. The market reacted positively. EBay to 'Carefully Review' Elliott Letter; Activist Pushes Stock to 4-Month High (TheStreet.com)EBAY Daily Chart(click to enlarge)Bullish Breakouts:- On the daily chart, we can see that price was in a falling channel until November. - Essentially, the decline accelerated to $27 a share, and then price entered sideways trading, although we still saw a lower low around $26 in December. - Looking back, we can say that the November/December price action formed a price bottom and price broke above the neckline around $30.35 in January 2019. - So, even before the Elliott letter, it was on a recovery swing. The reaction to the letter accelerated this swing and price tagged the 200-day simple moving average (SMA). - However, the 1/22 session was a bearish one overall, and EBAY pared those early games. I wouldn't be surprised if price came back to $31.- If price can hold above $31, I think EBAY would have entered a bullish mode. But we will still need overall risk appetite to pick up in the overall market before projecting a bullish outlook.- A break below $30 on the other hand will likely drag EBAY back towards $26. - But for now, I would respect support in the $30-$31 area, but with upside limited to $36.