BABA is ready to skyrocket higher and this is why:
BABA is looking very good on multiple timeframes (4h, 1d, 1w and smaller timeframes).I'll highlight the bigger timeframes to give the big picture.
Overall:
Baba successfully tested both the support from the bigger and smaller falling wedge. Eventually, baba broke out of the smaller falling wedge. Also, you can see bullish divergence for baba on the RSI.
4h:
Baba made a move over the lower kelt and is consolidating there. Usually, this is a bullish signal for testing at least the middle kelt.
Golden cross with the ma5 and ma10 in the making.
1d:
Daily candle closed above the lower kelt.
ma5 starting to point upwards.
1w:
1w made a hammer of the support.
Watch what the Chinese market did on Monday before the US markets start. A good close of the Chinese markets will give baba more chance to go higher.
Disclaimer:
I have a long position in Baba since last Friday, this is not an investment advice.
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