BABA: Complete Multiple Time Frame Analysis (H, D and W charts)!
Hello traders and investors! Let’s see how BABA is doing today, and do a complete Multi Time Frame Analysis (MTFA).
First, in the 1h chart, we have a pivot point at $ 201.06. This pivot point can change the trend in the short and mid-term for good, if triggered, and it is the first pivot point seen in a while. What’s more, we have a purple trendline connecting the previous bottoms, working as a support too, and we could say we have an Ascending Triangle chart pattern here too.
If we lose the purple line, then probably BABA will keep moving erratically for a while, but what if we trigger the pivot point? Then I see the $ 216.43 as the next target, as evidenced in the hourly chart above, and in the daily chart below:
It seems BABA is inside a Descending Channel in the daily chart, and the $ 216 is the resistance made by the previous tops in the 1h chart, and also by the upper line of the channel, making it a dual-resistance level.
Since BABA hit the lower purple line, it did a Hammer candlestick pattern down there, and we have a pivot point in the 1h chart, the odds are that it’ll seek the $ 216 next.
However, the trend is not bullish yet, as we lack stronger bullish structures around. We only see lower highs/lows in the daily chart, and although the breakout of the pivot point would be a good start (and a high risk/reward buy), the situation is not perfect for BABA.
Let’s see what the weekly chart has to tell us:
Yes, BABA did a fantastic Hammer candlestick pattern, just above the support at $ 189.56 (with high volume, by the way). This is another pattern that confirms our bullish thesis up to the $ 216.
On the other hand, we have another indicator that the $ 216 will be a hard resistance for us to defeat. The 21 ema is at $ 218, and it is dropping each week that passes. This makes the area around the $ 216 a very good top candidate for the mid-term, despite the good bullish signs seen right now.
If you ask me, I’m bullish on BABA, and I see now as a good opportunity to buy, simply because of the good Risk/Reward ratio, but we got be careful with the next resistances, as the trend is not truly reversed yet.
If you liked this idea, remember to follow me to keep in touch with my daily studies, and support this idea if it helped you!
Thank you very much!
First, in the 1h chart, we have a pivot point at $ 201.06. This pivot point can change the trend in the short and mid-term for good, if triggered, and it is the first pivot point seen in a while. What’s more, we have a purple trendline connecting the previous bottoms, working as a support too, and we could say we have an Ascending Triangle chart pattern here too.
If we lose the purple line, then probably BABA will keep moving erratically for a while, but what if we trigger the pivot point? Then I see the $ 216.43 as the next target, as evidenced in the hourly chart above, and in the daily chart below:
It seems BABA is inside a Descending Channel in the daily chart, and the $ 216 is the resistance made by the previous tops in the 1h chart, and also by the upper line of the channel, making it a dual-resistance level.
Since BABA hit the lower purple line, it did a Hammer candlestick pattern down there, and we have a pivot point in the 1h chart, the odds are that it’ll seek the $ 216 next.
However, the trend is not bullish yet, as we lack stronger bullish structures around. We only see lower highs/lows in the daily chart, and although the breakout of the pivot point would be a good start (and a high risk/reward buy), the situation is not perfect for BABA.
Let’s see what the weekly chart has to tell us:
Yes, BABA did a fantastic Hammer candlestick pattern, just above the support at $ 189.56 (with high volume, by the way). This is another pattern that confirms our bullish thesis up to the $ 216.
On the other hand, we have another indicator that the $ 216 will be a hard resistance for us to defeat. The 21 ema is at $ 218, and it is dropping each week that passes. This makes the area around the $ 216 a very good top candidate for the mid-term, despite the good bullish signs seen right now.
If you ask me, I’m bullish on BABA, and I see now as a good opportunity to buy, simply because of the good Risk/Reward ratio, but we got be careful with the next resistances, as the trend is not truly reversed yet.
If you liked this idea, remember to follow me to keep in touch with my daily studies, and support this idea if it helped you!
Thank you very much!
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