BABA 83.71 neutral – Forms a 2-month triangle range
BABA has formed a narrowing 2-month triangle under the 86.42 area (November 2, 2015 high), shy of 50% of the 120.00/57.20 entire fall (November 2014 peak/September 2015 low). What is key to bulls is to clear the 86.42 resistance to confirm a bullish triangle breakout and charge ahead towards the 95.06 lower high (May 18, 2015).
However, if bears win control, breaking below the 78.99 support (December 14, 2015 low), that would suggest further range-bound action and weaken towards the 75.64 range low (November 9, 2015).
Outlook:
Daily: neutral
Weekly: bullish
Monthly: bullish
BABA has formed a narrowing 2-month triangle under the 86.42 area (November 2, 2015 high), shy of 50% of the 120.00/57.20 entire fall (November 2014 peak/September 2015 low). What is key to bulls is to clear the 86.42 resistance to confirm a bullish triangle breakout and charge ahead towards the 95.06 lower high (May 18, 2015).
However, if bears win control, breaking below the 78.99 support (December 14, 2015 low), that would suggest further range-bound action and weaken towards the 75.64 range low (November 9, 2015).
Outlook:
Daily: neutral
Weekly: bullish
Monthly: bullish