$BABA Still waiting!
BABA ended the week strong with heavy call volume near Friday's close. Since last time I charted BABA, it dipped into my buy zone near the fib level and bounced fast. Notice how it bounced off the Oct VWAP from last year. Also notice how the weekly high is the 21 EMA, which is telling of this swing. Without an active sequence, it will be hard to tell as of right now if this is the bottom. It wouldn't surprise me if BABA went even lower to test last year's price range between 165-190, and I would be wary of going long here still. I will continue to watch BABA, hoping that it can show strong indication that a bounce is in on a strong Fib level and bouncing off the lower VWAP. So far the monthly low continues to be 204, right at the Fib level. Below 204, we can consider it a short term correction looking for lower prices.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.