Buy Alibaba baba cup and handle
Updated
Buying Alibaba here on the cup and handle breakout. Also downward falling wedge, looks strong sign of a higher swing low here since the bottom a couple of moths ago. Expect to retest to 120 and higher
Trade active
Moving up nicely as expected, helped by the re-structuring news today. This is why i always advise buying ahead of anticipated breakouts as i did yesterday.Zooming out to a larger timeframe you will see an inverse head and shoulders with the neckline 115-120 region, thats a good longer term take profit target on top of profits i have already banked today
Note
Note
Adding a second longer term price target to 130 (breakout and resistance)Note
Looking at the weekly charts the MACDH and 21 period moving average have turned sell side. That negates my trading system buy signals on daily holds, so i'm out here banking the rest of my profits if extended hrs closes like this. I also don't like the way their major investor sold their entire holding this week.Trading view doesn't show extended hrs charts on weekly timeframes. I'll refer to that data on my other software, dyor for final decision before weekly close.
Can always re-enter again if buy signals return.
Trade closed manually
Profits banked lets see if another buy signal re-emerges
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