So yeateday we were discussing long on baba at 83.70. I did take this long idea and put my money where my mouth is
Now my idea was a backtest of previous hourly range reistance flipping to new support. We got that wick down 10-20 cents below my buy but premarket we are up into the previous support of the bearflag considlation before the last drop. So my first reistance unfortunately is far above my entry. Howver I will wait to see how price reacts. The key reistance of yes stay was very clear 85.30 was rejected twice x
Even after the market sell off after FOMC baba barely fell only from 85.30 down to the support but the trend wasn’t broken. This was a great sign for baba compared to some stocks that were slammed hard, like spy from 401.70 down to 392 support. That also held a solid support even in that drop which still can be a bullish look as long as that contiues
Now for baba, if this can get a pull back to 85.30 and backtest and hold this will be the next potential idea for a bounce zone. If that fails 84.11 is a support to watch but I think an 85 fail would be a bit worst of a looks
If we can remain strong and control this 86:87 level then the top of the green box above is 91.30 and the bottom of the box is 88. 30
Now my idea was a backtest of previous hourly range reistance flipping to new support. We got that wick down 10-20 cents below my buy but premarket we are up into the previous support of the bearflag considlation before the last drop. So my first reistance unfortunately is far above my entry. Howver I will wait to see how price reacts. The key reistance of yes stay was very clear 85.30 was rejected twice x
Even after the market sell off after FOMC baba barely fell only from 85.30 down to the support but the trend wasn’t broken. This was a great sign for baba compared to some stocks that were slammed hard, like spy from 401.70 down to 392 support. That also held a solid support even in that drop which still can be a bullish look as long as that contiues
Now for baba, if this can get a pull back to 85.30 and backtest and hold this will be the next potential idea for a bounce zone. If that fails 84.11 is a support to watch but I think an 85 fail would be a bit worst of a looks
If we can remain strong and control this 86:87 level then the top of the green box above is 91.30 and the bottom of the box is 88. 30