$BABA TOP 20
Added 2023-12-25 12:37:27 +0000 UTCWe have seen some nice movement over the last 10 days since hitting $70.
On the 1hr chart we can see that the 50 Day MA has been moving very quickly up to the 200 Day MA and both moving averages are getting very tight here......as we know, when they get tight here, a direction will need to be taken, and we can see that the price has been consolidating between $73 and $75 for the last 10 days too.....once the price action goes above the 200 Day MA at $75.75, we could see a strong move to the upside.
I obviously feel that this is the likely outcome and I am very bullish on $BABA, due to their strong fundamentals and how oversold this is on the chart.
Can the price reject again at the 200 Day MA at $75.75? yes of course it can but I believe the reward far outweighs the risk at these levels and this is why I have a heavy position at this level.
I have no problem waiting as long as it takes because I believe there is a route back to $120 next.
