BABA - Lets touch the support and fly!After the pandemic-related increase in e-commerce, BABA saw tremendous increases in its revenues.
However, recently they had to drop some heat which resulted in a 15-20% drop. With the current drop, it seems like
BABA reached one of the strong support points which can give us a quick jump back.
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BABA
$BABA | Double Bull Flag Breakout: Is The Correction Finished? $BABA formed a second bull flag after breaking out of a large descending channel. Watch for a bounce from the bull flag structure retest above $252.
If market weakness continues then we may see a deeper correction as low as $244 (lower blue zone) where we can look for alternative entries.
Initial target is $290 to fill the gap. Secondary is $302 based on structure. Invalidation below $240.
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Alibaba group Accurate forecastAt point 1 you will notice a nice correction pattern that signifies more upside. This is similar to what is happening now at point 2. That is why I expect after the correction at point 2 is completed the uptrend will continue. As the pattern develops i will keep this idea updated, so like, comment, follow so you don't miss any update. Thank you.
breakout, new AH, backtest previous AH...as the title states some serious movement/confirmation today.... with a three day weekend coming FOMO and short-panic will set this up for another explosive week along with options expiring on the 19th... its fun to watch but would not consider selling anything under $200 a share... next week PT $15-20...
DADA buy zone in my offset sniper scope Snipe some calls in DADA once you see that cross occur on the MACD. Set a stop loss and enjoy!
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ALIBABA Long PositionALIBABA going on a trendline, forming an ascending triangle pattern
Macd and Stochastic showing reversal signs
This stock is considered very undervalued
Taking a rough road due to China-USA tensions, Covid-19 and later the disappearing Jack Ma
We will see probably a breakthrough the resistance level 270 heading to the 310 again.
(We can also see a break on the trendline and the stock falls to his support)
Lets see...
Friday is a big day - go long regardless, a lot of people are...this has been a text book chart up until this point. with lower volume and shorts attempting to retake control, tomorrow's trading day should be epic! go long regardless...
science + patience= winning. the headlines change from day to day but the story remains the same. you are investing in disruptive technology. know what you own...