BABA is Back at Support
If you were able to catch my previous baba updates, then you would have had some great swing trade opportunities when BABA's price reached trending support. You can check out the last BABA update in the link below.
BABA is back at support on once again. Will we see another bounce off of this trending support level? The price action has rebounded a few times in the past at this imaginary line. If the price drops below this trending support level and makes lower lows than mid-August, then the picture will look much more bearish. But as for right now, the short-term trend is still upward.
In the chart below, I have highlighted the key levels I am watching for areas of support and resistance. If the price does drop below the trending support level, then the $86.00 - $87.00 area is the the zone I will be watching for major support.
A dip below these price points would likely confirm the end of the current short-term uptrend. I might consider a short position at this point if I see a high volume of sellers pushing the price with downward momentum. If the price rebounds off of this area, then I will consider a long position.
I have highlighted the key areas of major resistance that I will be watching if the price does decide to rebound soon. This area resides at the $94.50 - $95.00 area. If the price reaches this area, I will watch the price action to decide whether to go long or short.
If the price climbs to this resistance zone and sellers show up in volume, then I will consider a short position. This area is a solid break out level. So if a large volume of buyers step in to push the price above this area, then I will consider a long position.
For all of you Fibonacci lovers, the price action for the majority of this year has remained within the golden section of the short-term fibonacci levels for most of this year. You could use these levels as strong support/resistance levels. A move to the upside or the downside of this golden section would signal a new trend is forming rather than the sideways action we have had for the majority of this year.
How do you think BABA will perform this week?
As always, this is not investment advice. Good luck trading. Be careful and be patient. Dont anticipate the market. Rather, participate in the market. Give your investments time. Don't be greedy. Don't invest in anything you don't understand. Don't put all of your eggs in one basket. Don't listen to the hype. Don't fomo or panic into or out of trades. Do your own due diligence. And just follow the trends. A trend is your friend.
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Trade the trends via technical, fundamental, and macro analysis. Day Trades, swing trades, and long-term investments.
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102640653 : Expecting a new uptrend to be formed testing higher resistance of 120-125 level . May take a while to get there but formation of last few months looked good for a rise to this resistance level accompanied by a better result in august .
SpyderCallOP 102640653: sounds good to me
So far it is still moving upward. below 83$ would worry me
70905624 : hi SpyderCall, how do you add poll survey on your comment?
102640653 : A nice formation on Alibaba chart . If it hold n bounces up from today low then it’s strong
SpyderCallOP 70905624: You can only do it on android or ios. Not PC.
SpyderCallOP 70905624:
SpyderCallOP 70905624: That is android. Some features on its are slightly different but not much
SpyderCallOP 102640653: That trend has been holding for quite a while. I don't see any reason why it shouldn't keep holding YET.
SpyderCallOP 70905624: maybe you can do it on a Huawei phone. I'm not sure
黄珊 : Alibaba should not be suitable for admission at this time, right?