I believe BABA is in a gray zone where the market decides if it’s time to push it higher or if it will slide to the level of the end of 2022.
Below are the things I will consider.
1. Short conformations:
- Symmetrical triangle pattern (green lines)
- Declining RSI
- The money flow index keeps declining
- Possible H&S neck breakdown (blue lines)
Target - 60
2. Long confirmations:
- Price chart breaks upper trend line (and closing the end of march gap)
- SMI is going up, and MACD turns positive
- Quarterly revenue way over expectation (May 18th)
Target 1 – 100-105, Target 2 - 125
What are your thoughts?
NOTE: This is not financial advice. Every trader/investor should do their research and follow a personal plan.
Below are the things I will consider.
1. Short conformations:
- Symmetrical triangle pattern (green lines)
- Declining RSI
- The money flow index keeps declining
- Possible H&S neck breakdown (blue lines)
Target - 60
2. Long confirmations:
- Price chart breaks upper trend line (and closing the end of march gap)
- SMI is going up, and MACD turns positive
- Quarterly revenue way over expectation (May 18th)
Target 1 – 100-105, Target 2 - 125
What are your thoughts?
NOTE: This is not financial advice. Every trader/investor should do their research and follow a personal plan.