BABA longterm (weekly)
BABA in weekly is currently forming a falling wedge. We would potentially be ready for a wave 1 after that downtrend, 200 area acted as a support recently, if it can hold again we could potentially start wave 1. I would like to see MACD turning bullish with RSI back over neutral level first. BABA earnings is August 19th, a good report can be the catalyst for the falling wedge break and the comeback of China's giant. Yellow lines are longterm level to watch :)
On july 8th BABA dropped below 200 mental number but we saw a dip buy. Daily candle closed with a wick down and more volume than usual, its good sign.
Opinion : BABA is currently undervalued and could see a massive run after that downtrend break. Keep it on the shopping list !
On july 8th BABA dropped below 200 mental number but we saw a dip buy. Daily candle closed with a wick down and more volume than usual, its good sign.
Opinion : BABA is currently undervalued and could see a massive run after that downtrend break. Keep it on the shopping list !
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