I am not a fanatic of BABA and to be honest, I was waiting for it for around 60$, but this last next week BABA has shown strength in one of the worst times ever for the markets when usually this stock down performs always NDX.
This last week BABA broke the channel that it has been into since historical maximums.
Not only that, but the price was minting and has broken decisively above, backtesting the level and losing just 0.3 percent as the NDX plummeted 3% when it would have ordinarily fallen 9 or 10%.
It has not only broken the channel but is also above an important level with a volume below it, indicating that we might consider purchasing (for a stretch, not in the long term).
It's too early to predict what will happen to BABA, but since China is pouring money into its market as if it were free, it's likely that BABA draws something like shown in the chart.
A stock that has gone poorly in the last year is showing now a lot of divergences. If the scenery is correct (let's see that the price does this next week in order to validate it) It may be a 50% change from the present price, which is significant.
This last week BABA broke the channel that it has been into since historical maximums.
Not only that, but the price was minting and has broken decisively above, backtesting the level and losing just 0.3 percent as the NDX plummeted 3% when it would have ordinarily fallen 9 or 10%.
It has not only broken the channel but is also above an important level with a volume below it, indicating that we might consider purchasing (for a stretch, not in the long term).
It's too early to predict what will happen to BABA, but since China is pouring money into its market as if it were free, it's likely that BABA draws something like shown in the chart.
A stock that has gone poorly in the last year is showing now a lot of divergences. If the scenery is correct (let's see that the price does this next week in order to validate it) It may be a 50% change from the present price, which is significant.