BABA MOMENTUM POSITIVEWeekly Chart - BABA
I am taking an interest in BABA here. It has been in a steep correction for well over a year and appears to have made a bullish wedge. What really has my attention is not only the price breakout above but also the momentum break. I may leave myself a little room and time here but I personally may take a heavier interest if it stays this cheap or drags sideways.
These patterns are great for trading the spikes but there are no guarantees. It's not uncommon to see a large spike up (15-30%) only to correct and go nowhere for weeks or months. A breakout does not guarantee profit.. but for me the reward outweighs the risk in this zone.
Let's see what happens.