KWEB back to $70headed back to the volume shelf at $70.
Recently hit a floor and is bouncing back. The sentiment is horrible. "Be greedy when others are fearful"
FXI is worth a look too if you prefer a broader index.
FXI
PDD Gap-up above $113 supply shelf next week will then see $118 (Opinion Only)
Open gap above at $118 + a bullish reversal weekly candle. If EEM and PDD gap up next week where PDD is above $113 this will likely run to $118 to fill that gap above.
A lot of bullish unusual options activity in this name today.
BABA setupThe fundamental for the company is still bullish.
* News of customer data leak didn't send this crashing down and historically the market is relatively tolerable towards data leaks .
* All regulatory fines are settled and Jack Ma's lack of presence is at least indicative that he acknowledges a positive correlation between BABA's success and his attitude towards the CCP.
Inflationary risks also seem much less of a concern in China vs. US.
The technical buildup is also interesting.
* Nearing the apex of this falling wedge
* In the Historical Buy Zone (long term supporting trendline/zone)
It's also worthy to point out RSI behaving interestingly with BABA at weekly views, with successful entry setup seen at RSI < 35 indicated by green arrows, and riskier but would have been successful setup seen at RSI < 40 indicated by yellow arrows.
Position: TBD
Waiting for confirmation of close above the upper line of the falling wedge in the daily chart
Highest Probability trade you'll see this week (BABA)Highest probability trade you'll see this week.
(Opinion Only)
USDJPY Preliminary Weekly Analysis: Neutral for now until confirmation. However, looking for LONG opportunity.
NZDUSDPreliminary Weekly Analysis: Neutral for now.... Strong possible BUYERS entering the game. However, I'm looking for a SHORT opportunity.
XAUUSDPreliminary Weekly Analysis: Neutral for now until confirmation. However, looking for Short opportunity.
NZDCHFPreliminary Weekly Analysis: Anticipating bulls falling short....Looking for a Short opportunity
USDCHFPreliminary Weekly Analysis: Standing on the sidelines for now until confirmation. However, there could be a possibility to play both sides. LOL ! Highly not recommended.
EURUSDPreliminary Weekly Analysis: I'm not convinced yet. However, smaller timeframe should be clear a possible LONG
EURUSDPreliminary weekly analysis. Neutral until confirmation …However, I'm looking for a short opportunity
