This would have been a good short on Friday after it broke the trendline and tested the most recent low. Yesterday, the market took a beating, and BABA went down even harder (-$2.60 / -2.51%). It did test long term resistance in the upper 99's, and it bounced a little. We may get a little more bounce off of this support and the .50 Fibonacci, but the overall...
Please see the notes on the chart.
Since hitting its peak on 11/10 BABA has pulled back into the 50dma and bounced off of it cleanly. It did this in a successive 3 waves down pattern highlighted in the chart. In doing so, it encountered resistance all along the blue descending trend line (also shown in the chart). On 12/17 BABA broke above the blue descending trendline, the 10dma, and the 21dma....
BABA bulls need to ignite the stock over 108
Bouncing off the 50 ema and 50% fib retracement with a bullish engulfing candle. RSI good at 45. I'm thinking we either bounce to first target @$120 or we channel down to $98 (.618) then bounce.
- Descending triangle, with back-testing the broken support/resistance - Clear downtrend in MACD and RSI, the latter cannot rise above 50, the former ready to give another sell signal - Target defined by the height of the triangle - Stop defined by trendline and MA around 110 - 100 might stop the downward movement, when BABA reaches 100 stop should be pulled to...
There was a substantial buying activity premarket and continued through the session. Short term goal 110
Last L.O.W. level was at 103.79. The 101 level is where the .5Fib is reached and possibly a retracement back to 106 then it's up to buyers to jump in and take it up, or leave it and let the price fall back to the .5 Fib level again once the short covering is over.
Price found first indication of support at ~106 and now bound by 110.12 (Fib 1.618) It will be very bullish if price broke out of 110.12 (bull flag) inside an uptrend channel, but take note that a fake out to retest 106 level is not rule out. To me bull flag in uptrend channel is a indication of uptrend continuation just like bear flag in downtrend channel an...
It looks 105.7 call for a good entry was not bad at all but recent recovery seems having hard time to keep. Watch 109.85 level for clues. Now price stays above it but close below that level will signal downside pressure remains intact. If u want a real time alerts try www.2waytrading.com
pullback on low volume. Tomorrow LOD should not go below today's LOD for reversal here. Idea on chart
Resting on 20 EMA after ab=cd consolidation, just below parabolic SAR trigger. Looking for breakout move over $120 in following weeks.
Why did BABA hold the level it did in the recent pullback? It is the level where earnings were released on the way up - so there were natural buyers who wished to accumulate stock at that level who were waiting to an opportunity to buy at their price. They didn't want to chase after shares after the earnings report, rather, they lay in wait for a chance to buy...