BABA Showing Some Bullishness Out of the Buy Zone
Chinese stocks have been hurting from China's deflationary economic environment, as well as the Biden administration's restrictive measures for AI chips to China. I believe these factors have caused Chinese stocks to become extremely undervalued.
BABA is currently within my buy zone and is starting to show some bullishness. The price is near the lows of the monthly Bollinger Bands, which is favorable for a long trade setup. The price is also significantly below the EMA ribbon, which is also favorable for opening a long.
Price targets:
The white trendlines are my key resistance levels on the way up, and the EMA ribbon has also been acting as resistance that has pushed BABA's price lower. I think the EMA ribbon will act as a resistance zone for BABA on the way up as well.
BABA is currently within my buy zone and is starting to show some bullishness. The price is near the lows of the monthly Bollinger Bands, which is favorable for a long trade setup. The price is also significantly below the EMA ribbon, which is also favorable for opening a long.
Price targets:
The white trendlines are my key resistance levels on the way up, and the EMA ribbon has also been acting as resistance that has pushed BABA's price lower. I think the EMA ribbon will act as a resistance zone for BABA on the way up as well.
Want more of my content?
Check out my YouTube and Twitter updates across all financial markets
Join my exclusive Discord community for swing trading, options trading, and long-term investing.
There is a free trial period for the group
Links👇
Check out my YouTube and Twitter updates across all financial markets
Join my exclusive Discord community for swing trading, options trading, and long-term investing.
There is a free trial period for the group
Links👇
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.