BABA: 2 Day Chart Shows Where Bulls May Be Hiding
BABA 2 Day Analysis.
I just caught a trend I wanted to point out.
The bulls do have a very strong trend in play underneath at 253 acting as support. I pointed that out with the heavy blue lines and colored the top as support to show where it is in relation to current price action. The bull zone I posted earlier happens to be positioned in the top portion of that trendzone. This gives me even more confidence in that zone.
Also, the CDV indicator below is still bullish. it usually correlates within +/-5% so it's rare to see it out pacing price action by 2x. It has began to flatten out but we haven't confirmed any bearish trend on the indicator. This may show bulls are on the sidelines waiting for their sign.
Aside from my bull zone prediction, there is strong confluent support at 253. I would not short into this zone.
None of this is a recommendation. All of your trades should be considered with your own personal analysis.
BABA
I just caught a trend I wanted to point out.
The bulls do have a very strong trend in play underneath at 253 acting as support. I pointed that out with the heavy blue lines and colored the top as support to show where it is in relation to current price action. The bull zone I posted earlier happens to be positioned in the top portion of that trendzone. This gives me even more confidence in that zone.
Also, the CDV indicator below is still bullish. it usually correlates within +/-5% so it's rare to see it out pacing price action by 2x. It has began to flatten out but we haven't confirmed any bearish trend on the indicator. This may show bulls are on the sidelines waiting for their sign.
Aside from my bull zone prediction, there is strong confluent support at 253. I would not short into this zone.
None of this is a recommendation. All of your trades should be considered with your own personal analysis.
BABA
