Alibaba making an interesting W-formation.
Waiting for a break above the double top, or a retracement to the 20sma to go long.
OBV and RSI are supportive of the movement, with OBV trending higher than previous peaks, and RSI above 67.
Keeping on a watchlist.
1. KWEB (Chinese Internet ETF): Expect a relief bounce here for Chinese Internet stocks ( BABA BIDU JD ) with a Hong Kong ( HKDOW ) & Shanghai ( DJSH ) market rally.
a. Holding 200weekSMA and 50monthSMA support here at $44 with record volume twitter.com
b. Very oversold on weekly...
Looking at support and RSI this time. RSI indicates oversold conditions, but prices may likely touch the support line again.
It is safer to wait until prices touch the displayed support line, but the current price is also a well-tested support.
Disclosure: I am long CWEB.
I am personally bullish on Chinese internet/tech companies longer term
Just scoping out some zones where I could potentially add money into this investment
I don't think we would actually get to the third buy zone, but I would most likely be loading the boat if we did
This is my prediction on the Kweb! Let's see which direction it is going to take! I will be buying leap options after it reaches my buy point.
Important: Stock Market Carries Risk, Be careful where you invest. My ideas are not guaranteed gains.