I’m expecting BABA price to rise till the $230 range in the weeks to come, the potential price movement is evident on the weekly and monthly chart. This is especially so, with the price ranging between $208 to $170 since last year Sep. Thus, this breakout movement might signifies a greater movement upwards in the coming weeks. However, I do expect pull backs to the resistance turned support region or a minor consolidation midway before continuing its momentum towards the target price of $230.
Trade closed: stop reached
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Unfortunately, stop loss was hit due to constant fear of trade war and further negative news regarding global trade. But risk management was adhered to in this trade.
@eshy, If it's based on the daily chart I would think that the volume might not be ideal for a breakout. But on the weekly and monthly charts, there is definitely a pickup in momentum for the long run. I'm not expecting any large volume movement in the days to come especially with geopolitical tension lingering about in the market. And I'm even expecting some sort of consolidation around the support region for days, however, what I'm convinced is the longer period timeline as compared to the daily movement of the market.