After weeks of bashing, this stock seems to be finally moving towards its bottom. There are various indicators that points that BABA has bottomed out.
1. RSI - PRICE DIVERGENCE on Daily chart. Both RSI & MACD have improved while the price has been on a Downward trajectory.
2. PUT CALL Ratio changing its complexion from completely bearish to less bearish on Monthly options.
3. The stock is sitting at 61% Fib retracement.
4. Inverted hammer on weekly candle (though this is a red candle but still it can be looked as a reversal candle if next candle breaks the high of previous week)
5. 30 & 60 Min RSIs bouncing off from low 20s again and again.
6. Too many CPR gaps to be filled in the range of 155 - 167
If this gap up in next trading session. Just go long blindly.
1. RSI - PRICE DIVERGENCE on Daily chart. Both RSI & MACD have improved while the price has been on a Downward trajectory.
2. PUT CALL Ratio changing its complexion from completely bearish to less bearish on Monthly options.
3. The stock is sitting at 61% Fib retracement.
4. Inverted hammer on weekly candle (though this is a red candle but still it can be looked as a reversal candle if next candle breaks the high of previous week)
5. 30 & 60 Min RSIs bouncing off from low 20s again and again.
6. Too many CPR gaps to be filled in the range of 155 - 167
If this gap up in next trading session. Just go long blindly.