BABA is consistently dropping as it is on the brink of bankruptcy. It is currently at the lower line of the channel, with both RSI and MACD significantly oversold. There are also signs that MACD is attempting to turn positive, along with small, tiny bullish divergences in RSI.
Volume is starting to increase at these levels, indicating that panic is rising, and we may be nearing a point of capitulation in price, after which a strong bounce could occur.
Nothing can go up or down forever. Even with BABA facing issues in China and with earnings, it might experience a strong rebound from this level.
Additionally, at this price, there is a strong support area from last year, which could help BABA bounce from here.
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I am exiting with half of the position. BABA is at the resistance line, at the mid of the channel line. RSI went into a neutral area, while MACD is bullish.
Ill exit the next half if and when the market reaches the upper channel line or BABA has a big bearish candle.
Poor decision to get out. Baba is just lighting up!
Consistent_Trades
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@kevinbartley81, poor? says who? someone who hold this bag from 100+?? I bought it according to trade rules and sold it. I earned 8% in 6 days! Yea poor decision you say ahahahaha
Consistent_Trades
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@kevinbartley81, poor? you still think so? lol it is 5% below where i exit!
Bruv, just ignore these long-term delusional baba bagholders…you did your stop loss, you stick with your rules, that’s what differentiate a pro with a newbies.
NoFOMO_
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You’re meant to buy when sellers have all left. You’re selling along with the last of the sellers. Not sure what your thesis is but I’m perplexed