$BABA TOP 20
Added 2024-06-01 15:47:19 +0000 UTCWe need to be reminded that $BABA was stuck in a strict range between our blue line at $71 and the red line at $77.70 for most of 2024 and in May it finally broke out of this range when the HSI decided to finally reverse, we now have a retest of this level at $77.70 three times on the red line from above and each time it has held
So we have gone from the red line being a very strict resistance level, to now converting to a support level.....we need to see a bounce from here to confirm that the bulls are going to start stepping in and this is what we saw post earnings, which was the second test of the red line, I would like to see this again.
All eyes will be on the HSI this week to see if it can test its support level, hold and continue higher in its impulse wave.
50 Day MA is also moving up to the 200 Day MA and the red line too, this could offer further assistance and support.
