a monthly price action after hour update - alibaba
Good Morning and I hope you are well. A quick one on #baba
Alibaba
comment: Last time I wrote about Baba I said this
"medium-long term: Sideways until no lower lows and consecutive bigger bull bars without an immediate selloff the next days"
The stock found it's bottom and points upwards. Many tails around the 68/70 area below and big bull bars now appearing. The monthly 20ema will most likely be hit soon, where I expect a pull-back to then break above to the 100$ level again. China is printing again and from a technical perspective the stock has seen the worst days IMO. Can see 120 over the next 6-12 months again. Where you put your stop? Probably 80 or you want to hold for longer term and scale in lower.
current market cycle: trading range
key levels: 63 - 120
Alibaba
comment: Last time I wrote about Baba I said this
"medium-long term: Sideways until no lower lows and consecutive bigger bull bars without an immediate selloff the next days"
The stock found it's bottom and points upwards. Many tails around the 68/70 area below and big bull bars now appearing. The monthly 20ema will most likely be hit soon, where I expect a pull-back to then break above to the 100$ level again. China is printing again and from a technical perspective the stock has seen the worst days IMO. Can see 120 over the next 6-12 months again. Where you put your stop? Probably 80 or you want to hold for longer term and scale in lower.
current market cycle: trading range
key levels: 63 - 120
