Hey traders, we are looking at the chart of BABA. Ive outlined a strong short term resistance at $148. As you can see, there is an Ascending triangle formation and we are right under resistance. BABA has to break this key resistance or it will go back to the $149 - $150 range. I think today we will close lower and stay in the range. I personally think BABA is a good long term investment, but it could be a profitable short tomorrow. Cheers
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I mistakenly wrote resistance instead of support at $148. As we saw today BABA opened higher and is now aroud $156 level. I'm surprised its holding so well. I expect a sell off as market gets closer to closing.