BABA is forming what seems to be a long term symmetrical triangle/coiling pattern which is a very powerful bullish continuation pattern. JD broke out and KWEB has rallied due to what seems to be China-US relations calming. Stay long BABA here and follow the breakout patterns.
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BABA is beginning to break out it seems. Beware of false breakouts for retest of $215 however it seems as if BABA will gun for new highs with FXI KWEB rally along with U.S. large caps
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$BABA is still consolidating and the breakout seems to have been a false breakout which saw retest of $215ish. The market is juking around between caring about COVID reinfections and not caring. The big "x" is if stay at home orders will be reinstated. I have no view one way or another and see no value in predicting events like this; however, by staying aware of these views I can stay aware of what is really happening in the market, and in turn I can act accordingly. Going to start adding my entries and exits to all positions otherwise this is a bit pointless due to volatility. Was able to sell my longs during Fed presser. I am waiting to re-enter but -perhaps related- entered $JD longs.
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Added to this & JD today.
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Great run up today, following price action to see if we consolidate here with potential fakeout breakouts or reject/breakout. I rolled July Strike to Sept but may add shorter term back. Happy to buy time on this name. Stock split is upcoming “by July 15 2020” and that may act as a catalyst here as well