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We have not been tracking BABA stock for sometime. November 11, 1111, China’s Bachelor Day. Bachelor, a man who is not and has never been married. It is a busy shopping day in China. It is like Black Friday in United States, a busy shopping day.
Last year, Alibaba holds its first record of sales. This year Alibaba broke the last year record.
So, how is the Alibaba stock performance? Picture worth a thousand words.
BABA, Alibaba Group Holding Limited Weekly
On a higher time frame, sometime can give your clearer picture of what the market emotion, as it has less bar or candlesticks. You may easily spot the price action has completed a symmetric geometry AB = CD chart pattern within the equal distance channel. Now, the stock is in the AB = CD buy pattern. True? Will there are many resistance to prevent the price from travelling north. Picture tell the thousands words.
November 16, 2015 Alibaba Group Holding Weekly Chart
Alibaba Group Holding Daily Chart
When you can not see the direction clearly, you should always try a different timeframe. Put remember, the lower the time frame the more price action, line, bar or candlesticks. This may confuse most traders. So, you can than try to move to a higher time frame to check.
November 16, 2015 Alibaba Group Holding Limited Daily Chart
You can read about other stock scan and analysis here. Hope these analysis can value add your trading strategy.
Moses Stocks Scan
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