On Friday June 16th, BABA hit a daily supply area following a CHOCH on the daily as well as a breakout of a longterm down trend that began back on January 26th. BABA has since retraced into the fib golden zone (50%-61.8%). It is currently sitting on a support between 83.04 and 83.99. BABA’s price action on the daily also seems to be creating a smaller inverted head and shoulders pattern within the right shoulder of the larger head and shoulders forming on the weekly/monthly charts. Watch for price to hold this level at 83.04 and 83.99. Wait for the daily candles to start making a new high (above 86.00). Also note that the price of the previous 4 daily candles are trading within a descending channel. Drop to lower time frames (30m/1h/4h) to find a precise entry after the breakout of the descending channel and a structural change in price.
Targets: 87.98, 90.73, 92.37, 94.22
Stop: 82.98 or a break and hold below the current support between 83.04 and 83.99. ***** If price price does fail to hold watch for a retest of support turned resistance for an entry to the downside with targets of (78.10-78.83). OR watch for a reclaim of the broken support*****
Targets: 87.98, 90.73, 92.37, 94.22
Stop: 82.98 or a break and hold below the current support between 83.04 and 83.99. ***** If price price does fail to hold watch for a retest of support turned resistance for an entry to the downside with targets of (78.10-78.83). OR watch for a reclaim of the broken support*****
Trade ativo
BABA is still holding the main support of interest but struggling. As long as it holds here and begin getting some bullish flow, watch for a move back above 86.00. For now? Sideways.Trade fechado: objetivo atingido
TP 1 HIT! Next up ... 90.73Nota
BABA has hit TP 2, 3, and 4!
Dennis Butler Jr.
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.
Dennis Butler Jr.
Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.