BABA: INVERTED HEAD AND SHOULDERS PLAY
This is Alibaba daily chart.
Price currently just below 0.618 Fibonacci retracement level from October low to January high.
Possible inverted head and shoulders to consider as well.
RSI in the lows.
There are a few gaps that could be filled. so I see 77-82 as a potential buying zone for a long term investment into this Chinese beaten down stock OR a good bounce zone for a short/mid term trade.
Trade safe!
Price currently just below 0.618 Fibonacci retracement level from October low to January high.
Possible inverted head and shoulders to consider as well.
RSI in the lows.
There are a few gaps that could be filled. so I see 77-82 as a potential buying zone for a long term investment into this Chinese beaten down stock OR a good bounce zone for a short/mid term trade.
Trade safe!
Trade active
82 was a buy. The $17 move higher is just the beginning.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.