$BABA Potential Bullish Reversal, (Daily TF)
12/25/2024
Alright, I know there's a lot here so let me know if you have any questions and I'll do my best to answer. This is for educational purpose only.
1. Price dropped 18% ($101 -> $82.64) in 15 days.
2. Triple resistance on Tue, Nov 19 & Fri, Nov 29 & Tue, Dec 17 @ ~$87. Resistance zone between $86.70 - $87.75.
3. Bearish Fibonacci (Dec 9 - Dec 20). Anticipate sideways movement around 0.382 ($86.44), 0.5 ($87.91) and 0.618 ($89.38).
4. The light-brown boxes and light-brown line highlight the potential movement of price.
--------------------------------
$85.52: Current price
$85.00: Next bearish price target
Bullish Resistance Points:
$86.44 - 0.382 Bearish Fibonacci (potential daily sideways movement)
$87.00 - Resistance zone
$87.60 - Previous Weekly High
$87.91 - 0.5 Bearish Fibonacci (potential daily sideways movement)
$89.38 - 0.618 Bearish Fibonacci (potential sideways movement or reversal)
$91.44 - 0.786 Bearish Fibonacci (potential reversal)
$90.56 - $91.83: Bullish Gap to be filled
-------------------------------
Currently in a play:
BABA 21 MAR 25 110c @ $1.24
Currently up 5% (@ $1.31).
Profit Target: $2.24 (contract price)
Stop Loss: n/a (manually monitoring for now)
Alright, I know there's a lot here so let me know if you have any questions and I'll do my best to answer. This is for educational purpose only.
1. Price dropped 18% ($101 -> $82.64) in 15 days.
2. Triple resistance on Tue, Nov 19 & Fri, Nov 29 & Tue, Dec 17 @ ~$87. Resistance zone between $86.70 - $87.75.
3. Bearish Fibonacci (Dec 9 - Dec 20). Anticipate sideways movement around 0.382 ($86.44), 0.5 ($87.91) and 0.618 ($89.38).
4. The light-brown boxes and light-brown line highlight the potential movement of price.
--------------------------------
$85.52: Current price
$85.00: Next bearish price target
Bullish Resistance Points:
$86.44 - 0.382 Bearish Fibonacci (potential daily sideways movement)
$87.00 - Resistance zone
$87.60 - Previous Weekly High
$87.91 - 0.5 Bearish Fibonacci (potential daily sideways movement)
$89.38 - 0.618 Bearish Fibonacci (potential sideways movement or reversal)
$91.44 - 0.786 Bearish Fibonacci (potential reversal)
$90.56 - $91.83: Bullish Gap to be filled
-------------------------------
Currently in a play:
BABA 21 MAR 25 110c @ $1.24Currently up 5% (@ $1.31).
Profit Target: $2.24 (contract price)
Stop Loss: n/a (manually monitoring for now)
Note
Aye everyone, still holding this baby.
BABA price has been hovering between $83 and $87 for the past 7 days.
Contract price has hovered between -10% and +10%.
Today, contract price jumped to as high as $1.35 (+9% from entry contract price) but closed at $1.17 (-6% from entry).
Trade closed: target reached
After being down over 60% on the contracts, I finally closed the BABA 21 MAR 25 110c @ 2.90 for a 134% win.
$124 -> $290 =$166.
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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.
Related publications
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.