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balinor
Mar 4, 2024 8:13 AM

Going into an inverted Head and shoulder Long

NYSE:BABA240
Alibaba Group Holding LimitedNYSE

Description

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Alibaba move into a very long downtrend

Very probably it will reverse soon

At the end of the channel an inverted Head & shoulder is forming right now

Check neckline breakout at 78$ and most importantly a close above purple trendline as a final confirmation of the new uptrend

Comment

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Honk Kong closing give a very important bullish signal
Price moved inside ascending channel and bounced on border

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Price broken down green channelup on USA and Honk Kong closing every possibility for a recovery on these days

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Honk Kong market
A symmetrical compression is going on...

I think it will break the long channeldown
When the new bullish trend starts it will be powerfull!

Comment

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Honk Kong... bottom triagle breakout
Maybe price will go down again to 65 forming a double bottom

Comment

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Breakout in Honk kong tonight, price get out of long channeldown

Probably will happen the same in US today

Trend LinesHead and Shoulders
Comments
yytellmey
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100% agree with this. If BABA can be stable above 78 ~ 80 for 3 days, we may see big movement soon.
ThaFlashy
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@yytellmey want to see 78-80 in the next couple of weeks
ThaFlashy
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It has gained a lot more attention recently as well. Averaged down and in a good entry spot but let’s see what buyers can do soon
balinor
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@ThaFlashy, follow stock on honk Kong market and often you will have a preview of what happens on US
ThaFlashy
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@balinor I can find there market action and trades through HSI (Hong Kong Stock Exchange)? From there like you said it could help give action and direction ? Repeating just to clarify
balinor
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@ThaFlashy, yes usually breakout happens on HK in early morning and then repeat the same on US market
HK BABA trade 5-10 times more volumes
ThaFlashy
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Very helpful tip
ThaFlashy
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Or is there a specific website
balinor
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@ThaFlashy, on TradingView simply add in watchlist the 9988 stock on HonkKong
ThaFlashy
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@balinor Thank you very much! Found the HK exchange site and will add the watchlist. Learn something new everyday and good tips. MRARA & BABA are my top 2 for longs at the moment
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