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Alibaba, Breakthrough Key Resistance and Double Bottom Activation

BABA.US D1 Our expectations:

A new long trend is formed, breaking a previous high. All major resistances are being break. Breakthrough of horizontal, diagonal and dynamic (200SMA) resistance. A double bottom formation for long is activated.

Indicators:
Breakthrough 50% Fibonacci.
Price over 50SMA and 200SMA.
DeMarker over 0.7 – overbought, sudden upward impulses are possible.

SL: 165

Alternative Scenario: Returning the price below 165 will probably lead to broad consolidation.


 Trader Georgi Bozhidarov


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