BABA short position - rising wedge

26 Nis

hi traders,


Let's have a look at BABA on a 1h time frame.
After reaching approx.140$ levels, BABA experienced a significant correction and visited the 96$ level, which could very well be a bottom here.
After reaching 96$, the price has been forming a rising wedge pattern.
When the majority switched to a full bull mode again, we expect the trend to be a bit choppy now.
I'm expecting the price to break down out of the rising wedge sometime next week.
If you're a bear, you can take a short position at the breakdown.
The target for bears is around 106,50$.

If you're a bull, don't buy now but wait for a pullback.

There's a gap to 125$ that may get filled before the rising wedge plays out, so don't be surprised if the prices push a bit higher.


Good luck

20 May

Emir iptal

the trading idea no longer valid