"Be greedy when others are fearful"
BABA is 70% off its highs from a year and a half ago and many investors are jaded. Looking at the technicals however, I'm seeing plenty of reasons to consider BABA a great opportunity to DCA into a long position here. The relentless overhead resistance and downward momentum appear to be dissipating as sellers run out of steam. Value buyers appear to be stepping in and the charts are showing increasing support. In addition, I'm seeing bullish divergence on the daily chart and a possible signal of a shift of momentum. All these signs lead me to think BABA is preparing to turn the corner. I'm not ready to call the bottom on BABA, but I'm interested in accumulating.
Happy Trading
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These are my personal views and not financial advice. Please do your own research before investing.
I'd love to hear your thoughts, ideas and feedback. Feel free to Comment and I'll try and get back to you quickly.
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BABA is 70% off its highs from a year and a half ago and many investors are jaded. Looking at the technicals however, I'm seeing plenty of reasons to consider BABA a great opportunity to DCA into a long position here. The relentless overhead resistance and downward momentum appear to be dissipating as sellers run out of steam. Value buyers appear to be stepping in and the charts are showing increasing support. In addition, I'm seeing bullish divergence on the daily chart and a possible signal of a shift of momentum. All these signs lead me to think BABA is preparing to turn the corner. I'm not ready to call the bottom on BABA, but I'm interested in accumulating.
Happy Trading
----------------------------------------------------------------
These are my personal views and not financial advice. Please do your own research before investing.
I'd love to hear your thoughts, ideas and feedback. Feel free to Comment and I'll try and get back to you quickly.
If you appreciated this analysis, consider Liking or Following. Thanks!