BABA- Bottomed Out, Plenty Of Reason To Buy
BABA is looking like a buy opportunity. A gap above 89.47 makes this 95 percent probability to be a good long
13 to 1 risk reward ratio makes this a no brainer. And if the stock gaps up or opens positive I will be buying into BABA regardless.
Stop loss is tight based on the fact that if the next candle closed below the bullish confirmation, then the bulls obviously aren't confirmed and the bears aren't done here yet.
Maximum target is probably the top of this descending broadening wedge formation. Which is the target i've used for my risk reward model.
Thank you
Tom
13 to 1 risk reward ratio makes this a no brainer. And if the stock gaps up or opens positive I will be buying into BABA regardless.
Stop loss is tight based on the fact that if the next candle closed below the bullish confirmation, then the bulls obviously aren't confirmed and the bears aren't done here yet.
Maximum target is probably the top of this descending broadening wedge formation. Which is the target i've used for my risk reward model.
Thank you
Tom