BABA should hold 83 then BO Channel or 70 will be double bottom
BABA has been making a long downchannel which has to be broken to be really bullish.
First it must hold the current 83 FIB level, then BO the downchannel at around 95. After that BABA will
still face a big resistance zone at the 110 to 130 range. There will be a lot of sellers here which the new buyers must be willing to absorb in order for the price to go above this critical zone.
Failure to hold the current 83 Fib level to see a double bottom for BABA at 70. This will be very very near the end of that big ABC correction.
BABA is the top e-commerce company in China (Amazon of China but with a very low PE ratio after this crash).
Not trading advice
First it must hold the current 83 FIB level, then BO the downchannel at around 95. After that BABA will
still face a big resistance zone at the 110 to 130 range. There will be a lot of sellers here which the new buyers must be willing to absorb in order for the price to go above this critical zone.
Failure to hold the current 83 Fib level to see a double bottom for BABA at 70. This will be very very near the end of that big ABC correction.
BABA is the top e-commerce company in China (Amazon of China but with a very low PE ratio after this crash).
Not trading advice
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