BABA has surged really nicely after several months of downtrend bouncing from the low of ~$57 to inside the current Bearish OB
. This OB
is inside the OTE
Short zone of this last downward leg.
Given the overall trend is still down, we can assume this up leg is a short squeeze and will pullback soon to test support.
To support the idea, we also have an ongoing daily bearish
divergence on the macd