Bearish BABA
Trendlines: Longer term uptrend line broken. Downtrend line in place. Until it breaks, appears to be headed much lower.
Support/Resistance: $169.95 support area broken. Only support with the same level of significance is $129.77.
Moving Averages: Below all major MA’s: EMA 9, SMA 20, 50, 100, 200.
Although fundamental analysts might argue this stock is massively undervalued, when the chart is broken nothing else matters. Chart looks like death.
Bearish unless downtrend line breaks or starts to conquer some major moving averages. $150 price target, $130 very possible.
Support/Resistance: $169.95 support area broken. Only support with the same level of significance is $129.77.
Moving Averages: Below all major MA’s: EMA 9, SMA 20, 50, 100, 200.
Although fundamental analysts might argue this stock is massively undervalued, when the chart is broken nothing else matters. Chart looks like death.
Bearish unless downtrend line breaks or starts to conquer some major moving averages. $150 price target, $130 very possible.
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