BABA Huge Buy Opportunity Approaching
Updated
These are the kinds of trades that setup every once and a while. Due to the recent vaccine optimism (no signs of slowing down too) coupled with the increased optimism surround the stimulus package I have been looking for buy setups for strong companies such as BABA which has been on a pullback and selloff recently. Here's what I'm watching for:
#1: A break and hold above of the key level at $270.
#2: Along with the 270 break, a break and hold above the 50EMA.
#3. A fill of the market imbalance on the 4HR time frame. This will make for a great 2nd price target.
#4: Price action came to the .71 FIb level and is showing upward momentum. Showing confluence with the price level of $261 I marked.
#5: Higher low formed. Possible break of bearish structure
If BABA breaks and hold above $270 I will enter a starter position. It's still too soon to tell as I will watch price action when it approaches. My first price target will be at the next key leve $283 followed by $288 at the top of the market imbalance shown on the 4HR time frame. Great R:R.
*This is not financial advice and all charts posted are for educational purposes.
#1: A break and hold above of the key level at $270.
#2: Along with the 270 break, a break and hold above the 50EMA.
#3. A fill of the market imbalance on the 4HR time frame. This will make for a great 2nd price target.
#4: Price action came to the .71 FIb level and is showing upward momentum. Showing confluence with the price level of $261 I marked.
#5: Higher low formed. Possible break of bearish structure
If BABA breaks and hold above $270 I will enter a starter position. It's still too soon to tell as I will watch price action when it approaches. My first price target will be at the next key leve $283 followed by $288 at the top of the market imbalance shown on the 4HR time frame. Great R:R.
*This is not financial advice and all charts posted are for educational purposes.
Note
Gapped above entry at market open. If price action comes back down to my VWAP I will enter off of a cross of my key level
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