BABA The stock is trading inside a descending channel, and last Friday's candle with the increased volume showed a strong bounce from the 3.618 Fib extension.The Accumulation Distribution, MACD, and RSI all show bullish divergence, meaning accumulation is happening underneath while the price declined.
The weekly candle also printed a hammer candle, which means if the price can close above $70.50, it can see further gains.
Here are my upside targets:
$73
$76
$80
$85
Downside Risk:
$63
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Disclaimer
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I am not a licensed professional. None of the posts that I published are investment advice. Do your own research.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.