JICPT| Will BABA terminate the downtrend line this time?
Hello everyone. Due to the crackdown on the tech sector, Chinese tech stocks like BABA has been abandoned by investors for long-time waiting and big losses(56% drop from Oct high created last year).
Recently, BABA started to get my attention with reasons below:
1. abcd completion with a continuation measured move failure indicated that sellers might be exhausted.
2. Strong bullish engulf candle formation plus gap-up candle created today indicated the third try of penetrating the downtrend line might be different compared to the first two tires.
3.The red downtrend line starting from June 28th, has been respected for 100 days. Time is another issue, yet not so supportive under such circumstance.
By the way, some sectors, e.g. real estate, has been facing drained cash flow issues. This might take some pressure off the tech sector.
So, whatever the bullish reasons are, the most important thing is what we should do. I will wait for price firmly closes above the downtrend line. Then, I guess price might go sideways for a while before going up. That'll be a good entry opportunity for buyers.
What do you think? Give me a like if you're with me.
Recently, BABA started to get my attention with reasons below:
1. abcd completion with a continuation measured move failure indicated that sellers might be exhausted.
2. Strong bullish engulf candle formation plus gap-up candle created today indicated the third try of penetrating the downtrend line might be different compared to the first two tires.
3.The red downtrend line starting from June 28th, has been respected for 100 days. Time is another issue, yet not so supportive under such circumstance.
By the way, some sectors, e.g. real estate, has been facing drained cash flow issues. This might take some pressure off the tech sector.
So, whatever the bullish reasons are, the most important thing is what we should do. I will wait for price firmly closes above the downtrend line. Then, I guess price might go sideways for a while before going up. That'll be a good entry opportunity for buyers.
What do you think? Give me a like if you're with me.
Comment:
Look good.
Comment:
Another gap-up however, met some selling pressure
Comment:
Higher high created. Uptrend continues.
plan your trade and trade your plan
