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RedRock7841

BABA: Finding Diamond in the haystack!

Long
Alibaba Group Holdings Ltd. (BATS:BABA)  
RedRock7841  
BATS:BABA   Alibaba Group Holdings Ltd.
Wave Analysis Technical Indicators Chart Patterns
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waveanalysis indicator chartpattern
A diamond pattern is formed on the Alibaba weekly chart. Diamonds get formed at times of trend reversal. Breakout from the diamond pattern will bring momentum to the stock. There are signs that the down channel is also getting broken. A trade can be taken now with a stop loss at 70.87. Possible upside targets are T1: 169, T2: 232 and T3: 334.
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