The 200 daily simple moving average (yellow moving average) is above the price action. This will cause a group of traders who follow this indicator to have a bearish bias.
If BABA's price action cannot get back into the dashed line area of the falling wedge, expect further downside. BABA needs to get through the POC of the VPVR indicator which is currently resistance for it to accomplish this goal.
There is also a head and shoulders pattern. The measured target of the head and shoulders pattern shows confluence with that area also being support.
If BABA's price action cannot get back into the dashed line area of the falling wedge, expect further downside. BABA needs to get through the POC of the VPVR indicator which is currently resistance for it to accomplish this goal.
There is also a head and shoulders pattern. The measured target of the head and shoulders pattern shows confluence with that area also being support.
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