With respect to the tradingview community there are several instances when the majority of opinions on any given security are sell when it is probably time to buy and vice versa. In my humble opinion the former scenario is in play as far as BABA is concerned, short term at least. We see a loosely formed inverse head and shoulders (there is not a clear right shoulder but price action may qualify) with an upward sloping neckline (very bullish), as well as renewed volume coming into the stock, and the Awesome Oscillator showing that a trend reversal may be happening as of now. In roughly 1-2 weeks time we will have more data to analyze, lets see what happens.
Kommentera:
Apparently on the 21st the 0.618 did serve as strong resistance. This does not surprise me as per my analysis this was a high hurdle BABA needed to clear but the ensuing weakness in the stock was definitely not envisioned.