BABA is overheated and may slide down back to the range
Alibaba stock price was moving in a sharp rally within the last two weeks period, having reached the psychological level of $117 and a strong resistance area. If this level holds, it’s possible to witness a wide “cup-and-handle” pattern, which might serve as a trigger to an intermediate-term reversal. Otherwise, price may plummet following profit-taking that might follow.
Don't forget - this is just the idea, always do you own research and never forget to manage your risk!
Don't forget - this is just the idea, always do you own research and never forget to manage your risk!
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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.