JICPT| BABA got my attention with daily sideway formation

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Hello everyone. It's been a bloody two-year for BABA investors as it tumbled by more than 60% from late Oct. 2020.

As I analyze the daily chart, I noticed two things: firstly, the red downtrend has been soooo well respected. secondly, major daily flip levels served as good supplies.

What got my attention is not just the sideway formation on the daily. The decreased volume as well as the 3rd try failure to create new low are odds-enhancers for the bullish buyers.

I'm still loading tech ETTs with exposure to Chinese tech giants. Admittedly, current P&L is around -10% before CNY. I'm confident to breakeven and make 20-30% in 2022.

I recommend using dollar-cost-averaging strategy. We'd be patient for this setup to be paid off.

What do you think? Give me a like if you're with me.

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ملاحظة

The chart is a bit ugly with a clear sideway structure breakout. however, I'm a bit confident about the valuation, let's wait and see.