Hello everyone. BABA has been down for 239 days from its historic high created last Oct.
Now, Price has dropped to weekly key structure. From the day chart, I observed that price seems to refuse to create a lower low. That suggested that momentum is accumulating to the upside.
So, price rebounded to challenge the downtrend line which BABA failed to conquer since its peak.
My trading plan is as below:
1. If the downtrend line as well as the 220 level is firmly taken out, then I will be very interested to buy long.
2. If price fails to break the downtrend line, then just wait.
What's your opinion? Give a like to support my idea.
Now, Price has dropped to weekly key structure. From the day chart, I observed that price seems to refuse to create a lower low. That suggested that momentum is accumulating to the upside.
So, price rebounded to challenge the downtrend line which BABA failed to conquer since its peak.
My trading plan is as below:
1. If the downtrend line as well as the 220 level is firmly taken out, then I will be very interested to buy long.
2. If price fails to break the downtrend line, then just wait.
What's your opinion? Give a like to support my idea.
Note
We got a gap up today. Not bad! Will it be a pullback or directly go up ? Let's see! Note
Look at what happened, BABA conquered the downtrend line. In my opinion, bullish uptrend has been established. 
plan your trade and trade your plan
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
plan your trade and trade your plan
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.