EBAY Inc. continues to slide since it peaked around $47 a share back in February. The daily chart shows us the falling channel price action has formed. Also we notice that price is now bearish as it held under the 200-day simple moving average (SMAs), as well as the other SMAs. EBAY Daily Chart(click to enlarge)Bears vs. Key Support:- Price action as well as the RSI reflect a bearish market. - However, we should recognize that the prevailing trend before this 6-month consolidation was bullish. - With the bullish perspective, we can see that the current bearish mode is probably just a consolidation/correction that will eventually cycle back into the bullish mode. - With the RSI now dipping below 30, we can probably anticipate at least a short-term bounce from $34 back towards the $37 area. - The weekly chart shows the RSI at 40. If the overall long-term trend is still rolling, the RSI should bounce up from here. This would reflect maintenance of the bullish momentum.- Then, we will see if the market is still going to be in correction mode. A hold below $37 would be a strong sign that bears are still in control, which makes the $34 support vulnerable.- Below $34, we can look for support around $30. Note the 200-week SMA around $30, and a previous resistance pivot around $29.80. - I think it is a good bet in terms of good reward to risk that price will anchor above $34. - If bulls do regain control, there is upside back to $44, with the prospect of pushing higher if the market is indeed continuing the uptrend.- For example, an entry at $35 with a stop at $32 and upside to $44 provides strong reward to risk, about 3:1, and this does not require the bullish continuation, but just another swing to retest the highs on the year. EBAY Weekly Chart(click to enlarge)