alibaba reaches 52 week high - short now or buy the dip
As Alibaba [BABA}, (currently in an uptrend), enters its 52 week high, and RSI & MACD are overbought, the time could be right to either:
A) buy the dip at support (aggressive trade) or at resistance (a more accommodating trade) at the levels shown.
or
B) for those most adventurous - an aggressive short is likely to 193 (approx) then wait to buy back the dip either from resistance at 191.74 - 193.56 or from the support level at 164.28 - 166.72 (which seems most likely).
Of course you could wait for an entry reason to continue the uptrend. However, always the aggressor, I would choose option (B).
As always enjoy the day, have successs & good luck!
Comments always welcome.
A) buy the dip at support (aggressive trade) or at resistance (a more accommodating trade) at the levels shown.
or
B) for those most adventurous - an aggressive short is likely to 193 (approx) then wait to buy back the dip either from resistance at 191.74 - 193.56 or from the support level at 164.28 - 166.72 (which seems most likely).
Of course you could wait for an entry reason to continue the uptrend. However, always the aggressor, I would choose option (B).
As always enjoy the day, have successs & good luck!
Comments always welcome.