BABA's Technical Picture
The technical picture for $Alibaba (BABA.US)$ has been looking better this year than it has looked the 2 years prior.
The breakout to the upside of this candlestick wedge formation looks bullish for the mid-term picture.
There are a couple of strong resistance levels where the price action might find some friction or some sellers stepping in. These resistance levels reside at the previous local highs in price from earlier this year.
If the price does climb above these previous highs, then I would feel a lot more bullish on BABA.
Below, you can see the chart for $BABA-SW (09988.HK)$. The stock is having a very red day. But technically speaking, its price is still within its short-term price channel, which is bullish.
If the price dips below this channel, then I might worry if I were holding any short-dated options.
If this China rally persists and BABA climbs high enough, then we might see a reverse head and shoulders pattern. That would be very bullish. Keep an eye out for that.
The long-term trend is downward, so that scares me a bit. The price action has been relatively flat for the past several months. So, an uptrend has not formed technically. But there seems to be a bottoming pattern forming with a lot of volume at these low prices. That looks promising for potential upside in the future.
I like this company a lot for a very long-term investment. As for a short-term swing trade, I would be cautious because the price of chinese stocks have risen so much these past few weeks.
If this China rally can gain more steam, then I think BABA will rally take off.
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SpyderCall OP : @102640653 I am going to check tencent and hang seng index now
102640653 : Thanks
933199333 : economy no gd.
decisive Beaver_4398 : Baba might not make it . The sales has been spread to Tik TOK and other platforms.