$BABA breakout lookout
-higher time frame shows defined uptrend and significant trend strength
-intermediate time frame shows strong uptrend with rising moving averages with price reaching resistance area of 125.5x area
-looking to price to test demand line and pullback to 125.56-.57 area which is the .236 retracement level on the shorter timeframe and demand line area
-rsi and obv aligned with price action
-will also be watching for a trendline break to the 125.0x area on the intermediate time frame which is the .382 retracement level on the shortertime frame
-if trendline is broken- it will signal trend weakening after third test and breakdown of the trendline and be cautious in initiating a position
-looking to retest test the resistance area of 125.5x on the fourth retest and breakout to first profit target at 126.51 (.618 extension level)
-intermediate time frame shows strong uptrend with rising moving averages with price reaching resistance area of 125.5x area
-looking to price to test demand line and pullback to 125.56-.57 area which is the .236 retracement level on the shorter timeframe and demand line area
-rsi and obv aligned with price action
-will also be watching for a trendline break to the 125.0x area on the intermediate time frame which is the .382 retracement level on the shortertime frame
-if trendline is broken- it will signal trend weakening after third test and breakdown of the trendline and be cautious in initiating a position
-looking to retest test the resistance area of 125.5x on the fourth retest and breakout to first profit target at 126.51 (.618 extension level)
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