Sunday Prep 6/27 - Will the $BABA breakout hold? $215 is a gift
From Sunday Prep Jun 27, 2021 prepared by TrueTrader pro @RickyAnalog
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After looking at $JMIA,
BABA
should actually look a bit similar. Really just retesting a MAJOR area. Only difference is that this name has made the push higher, breaking out of this really long downtrend. Will it hold? We’ll see. But I think you have to treat the situation as though any retest of 215-220 may be a gift and start to look for long entries.
Since we’ve already pushed into the weekly 20sma, the next logical level of resistance becomes the daily 200sma. Really excited to see how this one unfolds.
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After looking at $JMIA,
BABA
should actually look a bit similar. Really just retesting a MAJOR area. Only difference is that this name has made the push higher, breaking out of this really long downtrend. Will it hold? We’ll see. But I think you have to treat the situation as though any retest of 215-220 may be a gift and start to look for long entries.
