Thoughts on BABA?
On the H4, prices are moving above the ichimoku cloud, giving us a bullish bias that prices will rise from buy entry at 106.0 where the overlap support and 23.6% fibonacci retracement are to the take profit at 119.6 in line with swing high resistance, 78.6% fibonacci projection and 161.8% fibonacci extension. Alternatively, prices could break entry structure and I would expect bearish momentum to carry prices to stop loss at 102.4 where the pullback support and 38.2% fibonacci retracement are.
Entry: 106.0![]()
Take profit: 119.6![]()
Stop loss: 102.4![]()
$Alibaba 5xLongSG230329(DKCW.SG$
$Alibaba 5xShortSG230330(DAJW.SG$
Entry: 106.0
Take profit: 119.6
Stop loss: 102.4
$Alibaba 5xLongSG230329(DKCW.SG$
$Alibaba 5xShortSG230330(DAJW.SG$
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Sgtrader88 : Sell @112,
Buy back @ 102
stop loss @ 116
risk -reward 2.5
Sgtrader88 : A good day trade, position closed at 104.