BABA is among several Asian/EM items that look poised to rally off of bottoming patterns if the US dollar resumes its bear cycle (within its bull market). These are bottoming patterns not yet activated, so that’s the caveat. Bottom feeding is different from pullback buying within an uptrend. It’s usually more of a grind, subject to failure.
Here is a weekly chart for your review.
A reminder that chart based NFTRH+ updates are technical trade setup ideas, which may not be revisited as the technical parameters are already noted. These updates are meant as a starting point for your further research if interested. I will not personally buy every item highlighted and will sometimes sell (ref. Trade Log) any item that I do buy below target (assuming I’ve not stopped out or sold for some other reason) as I often do. Also please be aware that I am not a fundamental stock analyst. Due diligence is your responsibility.
Great explanation
This stock is also traded on the Hong Kong stock exchange in HKD (prices in HKD are quoted on Blomberg and Yahoo for example) so it would instructive to inspect that chart as well. One of the charts could carry more weight if the volume traded is higher.
A similar situation arises when gold mining stocks are traded in comparable volumes in Toronto in CAD or NY in USD. Which chart to use for TA.
Yes and my “keep it simple stupid” answer (to myself) is that whatever a given chart is doing, regardless of local markets and/or currencies, is still the chart. In other words, all the inputs have been factored into any given chart you’re looking at. If US listed BABA is the stock I’d buy that’s the chart I’m interested. Assuming the situation is chart-based, which this is for me.