BABA Bear Pattern Break up

15 thg 1, 2022

BABA has been battling at the 131.5 level on the daily.
It is currently in a long pattern coming from the downside, but has been basing up currently.
Has some resistance overhead around the 138 level, which if broken can target 140, 143, 148 and finally a gap fill to the 160 region.

If BABA can hold the 131.5 close on the daily for the next few days (as well as the overall market and HSI holding up as well!) and if it can break that 138 level. I would target the above ^.

02/18 140c would work with targets as listed above.
Invalid with close < 131.5 on the daily.

Terrible timing with market OPEX coming up and FED tightening of policies. Never fight the FED. If they're hinting at "risk off" then all stocks - no matter the pattern - will sell off.

19 thg 1, 2022

Ghi chú

Still battling that 131.5.
Got over it today for a few minutes before heading back down and ultimately closing below 131.5

This pattern really only works if it breaks 131.5 soon AND closes on the daily. It then has to break up the resistance line above which currently sits at around 138.
Once that breaks, we can target 140, 143, 148.

Preliminary scaling in on 02/18 140c contracts with close over 131.5 on the daily.
Full trade on after 138 break AND close on the daily.