Second Post on $BABA: BULL FLAG IS CONFIRMED!!

On this $NYSE: BABA chart I drew a bull flag indicating a short-term price increase. I estimate the maximum target price to be around $141 per share. I calculated this by overlaying the length of the "flagpole" or the original bullish period onto the breakout point.

Also on this chart is a bullish hammer candlestick next to the green flag. This is when the open and close prices are close together and the wick of the candlestick is long. Ergo is another indication of positive price action.

I speculate that investors are anticipating the EPS estimate increase to 1.96 in August 2023 from the reported 1.56 in May 2023, causing the price to increase.

Finally, the MACD, or moving average convergence divergence is a powerful tool for determining price action. As you can see from the chart above, the blue MACD line is following the orange signal line upwards, indicating a movement upwards. This is strong evidence that a bullish reversal is about to happen.

With love,
Judah Levin