BABA Nears Major Resistance, Short Sell Potential
Take a look at this beautiful chart.
We are looking at the BABA chart on the Daily TF.
Let's start out at the bottom of this chart where you can see the first measured move (purple measurement), which moved 36.30 points.
Then, notice that the second measured move (blue measurement), if we extend it up to 36.30 points, it takes you up to the yellow line.
The Yellow Line is a gap fill and with price action moving up, it will act as a resistance point.
Charts, (and humans) generally repeat past actions, this means that our possible target is around the 121 level.
Since gap fill is right at the 121 level and is coinciding with a measured move, this will be a great pull back level.
BABA will be closely monitored for movement in the next couple of days and this Idea will be updated if something in the chart changes.
What do you think will happen to BABA next?
Let me know in the comments.
Cheers,
p.s. this is not advice, it is just an opinion and what I see when looking at this chart.
We are looking at the BABA chart on the Daily TF.
Let's start out at the bottom of this chart where you can see the first measured move (purple measurement), which moved 36.30 points.
Then, notice that the second measured move (blue measurement), if we extend it up to 36.30 points, it takes you up to the yellow line.
The Yellow Line is a gap fill and with price action moving up, it will act as a resistance point.
Charts, (and humans) generally repeat past actions, this means that our possible target is around the 121 level.
Since gap fill is right at the 121 level and is coinciding with a measured move, this will be a great pull back level.
BABA will be closely monitored for movement in the next couple of days and this Idea will be updated if something in the chart changes.
What do you think will happen to BABA next?
Let me know in the comments.
Cheers,
p.s. this is not advice, it is just an opinion and what I see when looking at this chart.
To see my exact trades:
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Stocks: inthemoneystocks.com/verified-investing-alerts/
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