Why eBay Can Convincingly Break $60 This Time

eBay Inc

is yet again on the verge of breaking the $60 mark that has been acting as a resistance for the stock since almost the last three years. CNBC's ‘FMHR' trader Pete Najarian thinks that this time the bulls have their target set on breaking that recent. Najarian was recently seen discussing the unusual option activity in eBay, while another FMHR trader Josh Brown provided his perspective on eBay breaking its long-term resistance. Testing The Highs "We have got the year to date chart, you can see this huge move when the stock was right around $53 a share, shot up to the 52-week highs at around $60, a little bit over $60 a share," Najarian said. "Then it started to kind of wane back off. Today we started to see some huge activity. They aren't going very far, they are going to the weekly options. The weekly 59 strike calls…they came in 6,500 of those traded very early in the trading day." He continued, "People looking for this stock to maybe breakout, maybe test that $60 area that it hit before. These were trading around $0.30, suddenly they were $0.50. If these double…I am going to take some off, otherwise I am going them to hold them till Friday. I think this stock wants to test those 52-week highs." No Sellers Left Brown was asked what he thinks of eBay breaking $60 convincingly. He replied, "I think Pete is right, I think he gets through. Worth noting, that $60 high is been resistance for almost three years now. If and when it does go through, there are no sellers left, it's all green field."