BABA reversed around the $171.07 pivot when the market dropped on Monday, then it jumped again above $176.80, yesterday it a hit a high of $179.34. ~Next resistance is @ 182.50
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Right to the target!
Congrats!
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Follow up: It had a decent 3-day move from Monday’s drop around $171.07 pivot. It hit a high of $182.88 as I mentioned early morning. It might be hard to buy here but that doesn't mean it is short.
Trade closed: target reached
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Target reached on Thursday as mentioned earlier and then on Friday it gave a chance to trade it from green to red, today's. Closed today at 177.53 which is nearly to the support at 176.80 as mentioned above.
Have a plan with each trade you enter so you do not get caught!
Have a great weekend!
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BABA looking much better now and bounced into the $182.88 resistance area. Now you can use $177.50 as a support level and trade against it.
Wish you all the best!
Trade active
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BABA isn’t acting special. It’s below all moving averages and lost the 200 day. $170 is critical channel support. If it breaks and closes below, it would be a bad sign for Chinese names. Gap to fill at 161 - 160 area
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What did we say about BABA it needs to "BREAK BELOW AND CLOSES BELOW then 160 is the gap fill, it printed a low at 166.64 fading from the open at 170.52 then it bounces back and closed at 170.22 CRITICAL CHANNEL SUPPORT.
Lets see what will happen tomorrow, I will put a note in here to update you!
Good luck!
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As said previously,
BABA it held big channel support. Printed a low at $166.60 before bouncing. Chinese names were weaker last night. If it can get and stay above $171.30, there’s room to $175, if it could not then 170 breaks and stays below will trigger more downside movement.
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BABA nearest the target 174.18 high
Be careful!
We have AMZN tonight! Despite the weaknesses in Chinese Names.
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BABA closed the above mentioned area around 175, closing at 177.14 pushed by the news on BABA on Friday!