Alibaba - Don't forget chinese stocks!
Updated
Hello Traders and Investors, today I will take a look at Alibaba.
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Explanation of my video analysis:
Back in 2020 Alibaba stock created a textbook breakout of an ascending triangle formation which was followed by more continuation towards the upside. Then Alibaba stock topped out in 2021 and we saw a massive decline of -80% from the previous highs. At the moment Alibaba is still in a very bearish market but there is a chance that we will see a reversal in the near future.
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Keep your long term vision,
Philip (BasicTrading)
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Explanation of my video analysis:
Back in 2020 Alibaba stock created a textbook breakout of an ascending triangle formation which was followed by more continuation towards the upside. Then Alibaba stock topped out in 2021 and we saw a massive decline of -80% from the previous highs. At the moment Alibaba is still in a very bearish market but there is a chance that we will see a reversal in the near future.
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Keep your long term vision,
Philip (BasicTrading)
Note
Well seems like Alibaba is approaching the upper resistance trendline.We might see a bullish breakout soon - then scenario mentioned in the analysis:
Note
Monthly candle of May is looking a little scary with that long wick.Just remember that a reversal, sooner or later, still seems quite likely:
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💰|Stocks, Cryptos, Indices, Metals
💶|Keep your long term vision
👇🏻|Free "Trading Newsletter"
basictrading.net
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