Alibaba - Trading opportunity is finally there!
Updated
Hello Traders and Investors, today I will take a look at Alibaba.
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Explanation of my video analysis:
Almost a decade ago Alibaba stock retested a strong support at the psychological $60 level and reversed significantly towards the upside. Just a couple of months ago Alibaba stock once again retested this support and created an anticipated reversal. If Alibaba stock actually manages to break above the current resistance trendline, we could maybe see a similar rally like we saw in 2015 and the following years.
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Keep your long term vision,
Philip (BasicTrading)
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Explanation of my video analysis:
Almost a decade ago Alibaba stock retested a strong support at the psychological $60 level and reversed significantly towards the upside. Just a couple of months ago Alibaba stock once again retested this support and created an anticipated reversal. If Alibaba stock actually manages to break above the current resistance trendline, we could maybe see a similar rally like we saw in 2015 and the following years.
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Keep your long term vision,
Philip (BasicTrading)
Note
Don't get caught up guys, patience is your biggest friend as always.BABA is once again rejecting resistance but the overall setup is still valid:
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💰|Stocks, Cryptos, Indices, Metals
💶|Keep your long term vision
👇🏻|Free "Trading Newsletter"
basictrading.net
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