BABA Could Turn Bullish Quickly
Updated
BABA is consistently dropping as it is on the brink of bankruptcy. It is currently at the lower line of the channel, with both RSI and MACD significantly oversold. There are also signs that MACD is attempting to turn positive, along with small, tiny bullish divergences in RSI.
Volume is starting to increase at these levels, indicating that panic is rising, and we may be nearing a point of capitulation in price, after which a strong bounce could occur.
Nothing can go up or down forever. Even with BABA facing issues in China and with earnings, it might experience a strong rebound from this level.
Additionally, at this price, there is a strong support area from last year, which could help BABA bounce from here.
Volume is starting to increase at these levels, indicating that panic is rising, and we may be nearing a point of capitulation in price, after which a strong bounce could occur.
Nothing can go up or down forever. Even with BABA facing issues in China and with earnings, it might experience a strong rebound from this level.
Additionally, at this price, there is a strong support area from last year, which could help BABA bounce from here.
Note
I am exiting with half of the position. BABA is at the resistance line, at the mid of the channel line. RSI went into a neutral area, while MACD is bullish. Ill exit the next half if and when the market reaches the upper channel line or BABA has a big bearish candle.
Note
I am out! BABA is weakNote
Sell!
Consistency is the key of success....
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