BABA forming a durable resistance, signs of a potential bottom. Price currently is breaking out from a descending triangle, potential Head and Shoulders in formation. 40% first target at the neckline, and potentially a 100% gain if neckline breaks.
However this is the weekly timeframe, expect it to take a long time to play out.
However this is the weekly timeframe, expect it to take a long time to play out.
Trade active:
Unfortunately, the price has come down since the last entry. BUT this is absolutely normal, and the idea is still in play, will need to be very patient as this is the weekly timeframe. I will update if I ever close for a loss on this position
Additionally, it looks like a mini head and shoulders is forming within the Giant head and shoulders on the daily chart, similar to the previous left shoulder as seen in the blue drawings in this chart:
Additionally, it looks like a mini head and shoulders is forming within the Giant head and shoulders on the daily chart, similar to the previous left shoulder as seen in the blue drawings in this chart:
Comment:
I scaled in another position on the daily HnS
Trade active:
Aand liftoff!
Comment:
Compared to the previous 2 moves up, this is moving very slowly. If this mini head and shoulders neckline shown below breaks, I will just take profits, Capital can be allocated elsewhere instead of waiting for this trade to play out and incurring opportunity costs. It was a good run from the low $80s to $90s.