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BABA has broken the major daily support and it seems going for a deeper correction. Look for a flag for a potential wave down. If it can't break above the 170$ level it has a bearish outlook.
BABA is oversold on the weekly RSI and a positive MACD cross seems to be coming.
TA Fib and Common Sense. Cheers ... looks like wave analysis could easily be applied here
Alibaba's stock price has fallen sharply since last week due to a correction in the US markets. This combined with a big sell off in China due to trade wars has pushed price below 130.00. Now price is trading just above a gap back in April of 2017. On a final note, if you are considering to trade this stock follow the trade wars development closely.
BABA is bouncing from the 0.618 fib zone and the uptrend support
Target 1: 158
Target 2: 250
Directional Bias: Long
Price Target: 175
Good Entry: 138-144
Risk/Reward: $5 max risk - $20 reward
If we see an opportunity at 138-144 area,we should take it with a risk of $5 a share. A nice short squeeze can get price back to 175 in quick order.
BABA completed the Bullish Crab Pattern. If you were following my earlier post on BABA (see related posts below),
you would know that I shorted this at the support turned resistance levels. Just closed that trade at the completion of the Bullish Pattern
Now I would see how the market opens tonight, see if there is opportunities to go long on this
Could this be ...
Looks pretty bearish to me...
Well it looks like the runaway gap that formed back in July last year is finally going to be filled. With all the downward momentum, as indicated by the MACD and Stoch RSI, that gap is acting as sort of a magnet just pulling the price down. The CMF also indicates that there is a lot of sell pressure so lower lows for NYSE:BABA should be expected.
The tech ...
I am looking for a reversal on the weekly timeframe. I believe Alibaba is undervalued at this time, so I am looking for support to hold at this level.
RSI is very low right now and usually at these levels, it is oversold.
Bought in at 137-138 calls spread.
short term gains /mid swing
I like the pain that has been delivered to this stock with 90%+ BUY ratings losing ~30% of it's value over the past few months.
I also like how we have some old supports nearby to use.
The gap from 126-133 looks so obvious that I question if it will be filled on the first attempt by bears - I'd rather not find out on this trade.
BABA is currently extended below the moving averages and recovering from an oversold moment. Stock is still in a strong down trend, so be careful, but typically it bounces well after coming out of oversold.
I wanted to enter on the 24 Sep, but was apprehensive as price was not near the resistance line.
On the 25 Sep just around the open at 9.30am I realise that the price was near the resistance line and so I entered. I wonder if I should have waited till 11am where the market open rush would have normalised.
I think price will go down ...
Diamond is creating slowly. bulls finally arrived. GL
Support zone now...
if it does not hold, easily $120.3
If it holds, price could go back to 162.5
The information contained in this presentation is solely for educational purposes and does not constitute investment advice. We may or We may not take the trade.
The risk of trading in securities markets can be substantial. You should carefully ...