$BABA
Added 2024-06-23 17:14:50 +0000 UTCWe saw a test of the 0.78 Fib this week at $73 followed by a bounce, this is early signs of support being found but we need more confirmation that this is a solid support level before we can be excited.
The price action is still below the 50 and 200 Day MA and the 0.618 Fib so by all metrics this is considered showing weakness but we are back in the trading range that it has been in since November '23.
Not ideal but this is consolidation territory as we wait for the HSI to show more signs of reversing to complete Wave 5.
The final fib support level is the 0.887 Fib and this is also the blue line which is the bottom of the consolidation range conveniently.....so we need the price action to stay above this level.
if the price were to drop below this blue line, it's a buy from me, in the Buy Zone.
Comments
Ready to add if she hits the blue
Federico Salerno
2024-06-23 20:28:29 +0000 UTC
