BABA - weekly chart - set up stage, no clear signal
Hi All, BABA on weekly chart shows distinct zones...we had a great rally 2017sh.....then once the previous higher low was breached by lower low, first indication came that the trend will change, and change it did.
We got into weeks of sideways markets, with bulls and bears pulling price in their zone.
We finally got out of the rectangle channel and got into a confirmed downtrend with prices moving downwards making lower highs and lower lows.
This too got broken recently as indicated in the chart and the price is currently trying to making attempts to make higher highs....will have to wat and see If earlier important zone of $ 194 levels is breached and if price action confirms any uptrend formation. so far, trend seems to brewing. Await more details . I think its too early to call an uptrend, maybe more sideways.
I will be adding daily and shorter time frames and happy to share my ideas
If you like what you see, please click the thumbs up icon.
Cheers
We got into weeks of sideways markets, with bulls and bears pulling price in their zone.
We finally got out of the rectangle channel and got into a confirmed downtrend with prices moving downwards making lower highs and lower lows.
This too got broken recently as indicated in the chart and the price is currently trying to making attempts to make higher highs....will have to wat and see If earlier important zone of $ 194 levels is breached and if price action confirms any uptrend formation. so far, trend seems to brewing. Await more details . I think its too early to call an uptrend, maybe more sideways.
I will be adding daily and shorter time frames and happy to share my ideas
If you like what you see, please click the thumbs up icon.
Cheers
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