Alibaba is currently within an ascending triangle pattern, as we have a flat line of resistance around 187, and a rising line of support that has been forming higher-low's each time it has been tested. Price has been consolidating just underneath the flat level of resistance around 187, which to me is another bullish sign. If it breaks out of this pattern to the upside, I am watching 200 and 212 as target area's. This chart is on the 4-hour time-frame as I think it better shows the ascending triangle, but I'll attach the daily chart below.
-This is not financial advice. Always do your own research and own due-diligence before investing and trading, as for investing and trading comes with high amounts of risk. I am not liable for any incurred losses or financial distress.
Bình luận
⋅
On the daily chart, we can see the 50 day moving average in green is acting in tandem with our rising line of support:
Bình luận
⋅
So far so good:
Bình luận
⋅
I will note, the length of the wick is a bit concerning; but we did close above the flat line of resistance around $187. So long as we can consolidate on top of old resistance, we might see BABA continue higher. Broader market is a bit sketchy though, so keep that in mind.