BABA Breaking out!! Wait for pullback !

NYSE:BABA   Alibaba Group Holdings Ltd.
BABA has broken out and currently retesting the RESISTANCE ZONE @ 120 - 140
We can expect at least a slight pullback from here as Price action has been overly bullish the past few days + MACD is in severely overbought condition

We are expecting a soon to be GOLDEN CROSS with 50 MA crossing 200 MA
We also see a massive spike in the ADX implying a very strong ongoing trend for the BULLS

Those who do not have positions yet can look to ENTER/LONG along the:
100 - 110 USD zone

Personally I will not set stop losses here as Im expecting to hold BABA for long

Fundamentally, China domestic demand is growing massively with a massive middle class. BABA also has a huge economic moat along with Jack Ma relinquishing his position on the board and staying low, BABA's days of billion dollar fines might be over.

Exención de responsabilidad

La información y las publicaciones que ofrecemos, no implican ni constituyen un asesoramiento financiero, ni de inversión, trading o cualquier otro tipo de consejo o recomendación emitida o respaldada por TradingView. Puede obtener información adicional en las Condiciones de uso.