BABA HAS BULLISH PRICE ACTION ON FRIDAY. THE PRICE OF ALIBABA'S SHARES ARE STILL RESTING AT SUPPORT. WAIT FOR THE DIRECTION TO BE CHOSEN BY THE MARKET
I'm still holding this BABA long position. It hasn't been looking good. It is a good thing I took a lot of profit out very shortly after entering into the long position. You can follow that trade in this link.
In the first chart you can see the price action for Alibaba on Friday. Many of the Chinese equities had a bullish day just like the rest of the broader markets. Friday was very bullish.
Notice in the chart directly below how the bullish Friday occurred right on top of the support level that has been holding Alibaba up for several months. Is Alibaba going to bounce off of this support? or will the share price drop below support and it will become a new resistance level?
Supports and Resistance zones are the areas where I place my short-term trades. If Alibaba bounces off support and a lot of buyers step in as the prices moving up then I will look for an entry for a long position or I would possibly add more capital to the long position I'm already holding. If Alibaba share price drops below support and a lot of sellers start stepping in then I will look for a short position.
So how do you think BABA's price will react at this support level next week? Will we bounce off support, reject support, or stay flat next week?
$Alibaba (BABA.US)$ $BABA-W (09988.HK)$ $NIO Inc (NIO.US)$ $NIO Inc. USD OV (NIO.SG)$ $NIO-SW (09866.HK)$ $Tencent (TCEHY.US)$ $BILIBILI-W (09626.HK)$ $Bilibili (BILI.US)$ $XPeng (XPEV.US)$ $XPENG-W (09868.HK)$ $Li Auto (LI.US)$ $MEITUAN-W (03690.HK)$ $Meituan ADR (MPNGY.US)$ $BYD COMPANY (01211.HK)$ $Baidu (BIDU.US)$ $BIDU-SW (09888.HK)$ $Hang Seng Index (800000.HK)$ $CSI 300 Index (000300.SH)$ $SSE Composite Index (000001.SH)$ $S&P/ASX 200 (.XJO.AU)$ $FTSE Singapore Straits Time Index (.STI.SG)$ $SPDR S&P 500 ETF (SPY.US)$
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SpyderCall OP : @102640653Here is some BABA technical levels. I'm going to check out Tencent next.
102640653 SpyderCall OP : That’s good looking. When u free can u have a look at bmgo. Looks good to me
102640653 SpyderCall OP : How u see the set up on technical levels
102640653 102640653 : Ticker is bngo
SpyderCall OP 102640653 : are you talking about $Bionano Genomics (BNGO.US)$ ???
102640653 : Yes
102640653 SpyderCall OP : U should have a look at Tencent too their result is coming too . Should gap up just have a look at technical set up. Last week was full of accumulation.
Ben 23 102640653 : How do you tell if the specific stock is in accumulation or in recovery phase?
102640653 : Accumulation in a range for some time . Volume
SpyderCall OP Ben 23 : it really depends on the time frame that you are looking at and if the price is currently at a relative high or a relative low for that time frame. like if you're looking at Alibaba on the weekly candles then you can see that Alibaba is at an historically low price level. so one would have to assume that this would be an accumulation pattern happening over the past few months because the Insiders like to accumulate shares at a low price relatively. that is my theory on it at least.
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