$BABA TOP 20
Added 2024-04-28 17:58:25 +0000 UTC$BABA was covered on Friday because we got the wedge breakout, a wedge that has been in place since Jan 2023.
So this was a significant event.
As always we want to see a retest of the breakout level to solidify the level as a new support level, which is also a buy signal for us.
However, converting the red line at $77.50 will also do this for us too, so converting this level to support will put this in a strong position to break above the 200 Day MA which is just slightly above.
I have added in the green impulse waves as the move lately has been bullish and the April low held a higher low.
Interesting to see the 1.618 Fib on the blue support/resistance line at $87.....this is not a coincidence.
Also, a lot will continue to come down to the HSI maintaining its bullish impulse structure.
Comments
Ready to average down again. I personally think the international political events are playing a role here, I hope a healthy one this time.
Federico Salerno
2024-04-28 19:06:45 +0000 UTC
