Potential 60% move Bull Flag Set Up if resistance become supportBaba traded down 5% Thursday
and currently down early premarket for Fridays Trading session
Looking at the Monthly Chart. There are a few things that stand out to me
1) double bottom
2) Potential Bull Flag
3) Baba actually closed below the 1st resistances level I pointed out, but not the second. It would have to close below $81 to invalidate the 2nd resistances level as support. I believe the 2nd resistances level is a key retest and needs to be flipped to support.
4) If Baba can close above both resistances, then we have a valid Bull Flag set up and Im looking at $130 Baba stock price. Thats over 60% from current stock price.
*No Position, looking for confirmation*
I'm Neutral til confirmation