This one is a relative value, according to fundamental stock analysts (ref. my access to premium stock analysis at Seeking Alpha, fwiw). It’s also an AI stock in the making according to those same analysts. Finally, it recently came to a settlement in its ANT IPO lawsuit.
But if the chart goes bad I will probably not care about any of it. The chart, as it stands now, is not bad. Not bad at all.
BABA (daily) broke out of the nose of a Symmetrical Triangle, I believe on the class action settlement news. This after it broke down from the Sym-Tri in a head fake that I for one got faked by.
The moving average trends are up, the price is above the support of the 50 day average, RSI and MACD are positive and nowhere near overbought. A potential spanner in the works is earnings upcoming. It could launch the stock or tank it – or something in between.
I added it for the chart and would become more cautious if it loses the 50 day average and the support it rests upon. Otherwise, a Sym-Tri is generally thought of as a continuation pattern, and would target a new high above the March high of 146.
NFTRH+ trade setup ideas are presented for consideration and further research only, not as recommendations. I may or may not personally take positions in all or even most NFTRH+ ideas, as it would depend on my portfolio composition at any given time. “Stop loss” and target levels are usually noted and should be respected.
Perhaps what we observe is merely an expansion of the imagined triangular pattern, extended to a larger scale over time. I wonder if the stock’s behavior, as predicted by a pattern based on USD pricing, is sufficient for the behavior of the broader group holding this stock in other currencies. This brings to mind the well-established practice of analyzing the price of gold across various currencies.
It’s all imagined, Jim, until it does what TAs think it is supposed to do. Or fails. Good point on currencies.
Yes, of course. Forgive my word salad. I understand that TA is just there to stack probabilities in the favor of the investor. Your chart work accomplishes that nicely and to that I thank you.