Alibaba drowning in bullish patterns
BABA broke out yesterday of a big bullish pennant. Ater the breakout it formed another pennant on a small time frame. I entered some calls after the bullish breakout (didn't have time to update). Sold 4/5 of my calls on the way up and holding the rest for a breakout of the forming bullflag. Only trade after a breakout or, if you want to play it aggressively, on support. Keep the
NDX in mind. It's still trading in an upward channel but after a bearish breakout it can lower the whole market, including BABA.The general conclusion remains bullish with caution.
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