Traders and Investors, Alibaba (BABA) has completed the typical bubble stock M formation and is now trying to gather orders for a bullish momentum. This stage happens when most investors fall into Despair or hopelessness.
The earnings report is expected, and we have a wedge pattern. If the price breaks above the pattern and we get a confirmation, this can go the first target of M patter which is around 160 but with an intermediate target of approx. 132.
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____________________________________________________ 📌 DISCLAIMER The content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of education only. Not a financial advice or signal. Please make your own independent investment decisions. ____________________________________________________
Thanks Vik for the analysis, Is the wedge pattern still valid, given it broke down now?
vikinsa
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@virinchyp, technically broken but if we get a breakout above that, it will again be a buy
memoreister
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Guess this one hasnt worked
vikinsa
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@memoreister, still waiting for a breakout to the upside above that wedge. "Watch Out For A Breakout" as it said and see the arrow
chinmayamahapatra
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@vikinsa This stock may never recover. Lousy companies never recover their stock prices till they prove to be resilient. All that Baba has done is investing in bad businesses instead of providing a dividend to their shareholders. Basically shareholders have no return. With extra political headwinds, who in their right mind will invest in this company. Hence it even fails to go to 70$ now. This way it will soon go below book value