BABA flat-bottom broadening pattern.

20 ago 2018

Flat-bottomed broadening pattern on the monthly timeframe. OBV has not been supporting the price action that led to the last two all-time highs. MACD has crossed bearish on the monthly, and monthly RSI is showing a failure swing after coming out of overbought levels. If it breaks bearish there is no monthly support until 120.00. Zooming into the weekly timeframe there is some support at ~150.00. I will enter a short position if 164.25 breaks bear.

11 set 2018

Trade attivo

I entered BABA a couple of week ago at ~$177 when it was having an oversold bounce, then doubled my position when it broke $164.25. I just closed out half of the position at $153.18 because 4hr RSI is overextended, we are gapping lower again, and we are at a previous congestion zone that could act as support. If we get a 4hr oversold bounce I will reenter if price gets near the daily 12EMA.