Price target till february 2021. Thoughts please.Price target of $220-230 because the confluence of :
- Fibonacci retracement (0.618 - $219.06) from ATH to September '15 low
- Fibonacci retracement (0.5 - $223.52) from ATH to December '18 low
- Fibonacci retracement (0.382 - $225.76) from ATH to March '20 low
- Low side of the parallel channel formed since the IPO
- Low side of the broadening wedge formed in December 2018
- Price target of the new descending triangle forming since 16 November 2020
- MACD convergence divergence negative in Weekly
- Chinese regulations risk
- U.S delisting risk
But probably trend reversal in first weeks of February 2021 when :
- New democratic POTUS arrive to the White House in 20 January
- New Alibaba earnings release between 02-09 February with sustained growth
Please leave your thoughts to create a better community with better ideas. Do you think I'm right or not? Why?
I'm from Barcelona so sorry if there are some spelling mistakes :)
