Potential 60% move Bull Flag Set Up if resistance become support
Baba traded down 5% Thursday
and currently down early premarket for Fridays Trading session
Looking at the Monthly Chart. There are a few things that stand out to me
1) double bottom
2) Potential Bull Flag
3) Baba actually closed below the 1st resistances level I pointed out, but not the second. It would have to close below $81 to invalidate the 2nd resistances level as support. I believe the 2nd resistances level is a key retest and needs to be flipped to support.
4) If Baba can close above both resistances, then we have a valid Bull Flag set up and Im looking at $130 Baba stock price. Thats over 60% from current stock price.
*No Position, looking for confirmation*
I'm Neutral til confirmation
and currently down early premarket for Fridays Trading session
Looking at the Monthly Chart. There are a few things that stand out to me
1) double bottom
2) Potential Bull Flag
3) Baba actually closed below the 1st resistances level I pointed out, but not the second. It would have to close below $81 to invalidate the 2nd resistances level as support. I believe the 2nd resistances level is a key retest and needs to be flipped to support.
4) If Baba can close above both resistances, then we have a valid Bull Flag set up and Im looking at $130 Baba stock price. Thats over 60% from current stock price.
*No Position, looking for confirmation*
I'm Neutral til confirmation
Comment:
monitoring the 15min chart... looking for a strong close in the range of 84.6-84.8.. its holding up well, as long as I dont see $81 close or below its gravy
Comment:
FXI Chart showing promise, good correlation to BABA Stock... if it moves in the direction of the AD we have a high probability of lift off this week for both stocks
