BABA in weekly is currently forming a falling wedge. We would potentially be ready for a wave 1 after that downtrend, 200 area acted as a support recently, if it can hold again we could potentially start wave 1. I would like to see MACD turning bullish with RSI back over neutral level first. BABA earnings is August 19th, a good report can be the catalyst for the falling wedge break and the comeback of China's giant. Yellow lines are longterm level to watch :) On july 8th BABA dropped below 200 mental number but we saw a dip buy. Daily candle closed with a wick down and more volume than usual, its good sign.
Opinion : BABA is currently undervalued and could see a massive run after that downtrend break. Keep it on the shopping list !
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.