Post Dragon Boat Festival, BABA moves higher.
Looking back at BABA's chart, I noticed that it has moved higher after the annual Dragon Boat Festival. Last year, the Hong Kong Market was closed for one day (Friday) making it a three-day weekend for the Chinese market. This year, it was even longer. With four days of pent-up demand at defined supply levels, I see this having an aggressive, short-term move upward.
In 2022, BABA made an approximately 30% impulse to upside resistance after the three-day weekend.
This year, after a four-day weekend, I'm projecting a 30-37% move from Monday to Wednesday.
With the restructuring of management and stimulus entering the Chinese economy. We could see aggressive upside potential from here.
This is not financial advice. Past performance does not guarantee future results.
In 2022, BABA made an approximately 30% impulse to upside resistance after the three-day weekend.
This year, after a four-day weekend, I'm projecting a 30-37% move from Monday to Wednesday.
With the restructuring of management and stimulus entering the Chinese economy. We could see aggressive upside potential from here.
This is not financial advice. Past performance does not guarantee future results.
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.