Alibaba NYSE:BABA shows good potential for opening a LONG position.
Can be seen in the chart (W) how after a few red candles in previous weeks, the stock seems to be respecting the long-term support trendline. Moreover, a previous resistance (230USD) acted as support. For lowering the risk, we could wait for the MACD signal (at the expense of decreasing the potential reward).
Recommendation: LONG on NYSE:BABA, SL = 211USD, P.O. = 320USD
Can be seen in the chart (W) how after a few red candles in previous weeks, the stock seems to be respecting the long-term support trendline. Moreover, a previous resistance (230USD) acted as support. For lowering the risk, we could wait for the MACD signal (at the expense of decreasing the potential reward).
Recommendation: LONG on NYSE:BABA, SL = 211USD, P.O. = 320USD
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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.
Disclaimer
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.