$BABA TOP 20
Added 2024-02-04 19:45:40 +0000 UTCThis is one of the big ones we will be watching for this week.....conflicting announcements are showing that they will report before the US market on Weds and other outlets are saying after the market closes....but I believe it will be before the market opens.
It is exactly where it needs to be right now to bounce from here as long as the report is positive...especially if the net profit margins continue to increase.
The price finished the week on the blue line and the 0.5 Fib at $71....there is still two days of trading before the release, so there may be some volatility but I have no issue with both days just being flat.
We can see clearly here that the 50 Day MA has been the resistance level since Mid Jan and the 200 Day MA is running down the yellow trend line which is part of the large wedge.
So these are firm resistance levels, breaking above these confluence levels will be the main aim for the bulls.
We know that the HSI needs to bounce too, in order for $BABA to reverse, so lets see if this week is the trigger.
I am holding and remain bullish long term.
