Finally, we are witnessing some movement from BABA. There seems to be cooperation from China regarding a trade deal. I took a look at the charts and have marked three key resistance areas using fib confluence.
R1 155.3
R2 160
R3 176
expect the prices to rise. The market didn't react much to Alibabas singles day sale due to the dark cloud of the trade war. I expect to see a strong rally in the next couple of days. A new cycle for BABA has started.
R1 155.3
R2 160
R3 176
expect the prices to rise. The market didn't react much to Alibabas singles day sale due to the dark cloud of the trade war. I expect to see a strong rally in the next couple of days. A new cycle for BABA has started.
Trade closed: target reached
Target reached. Looks like a "cooldown" for now. The price is on a very important area. We are in a parallel channel. set your stop loss at $148. Get ready we are in for a joyful ride.
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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.