The pattern in the Alibaba (BABA) chart looks like a symmetrical triangle breakout, not a descending wedge. Here's how it aligns:
Symmetrical Triangle: This pattern consists of converging trendlines, where both the highs and lows are moving towards a point, forming a triangle. It typically indicates a period of consolidation before the price breaks out, either upward or downward.
Breakout: In this case, the price has broken out upwards from the symmetrical triangle, which is often a bullish signal when seen in an uptrend or after a prolonged period of price consolidation.
Measured Move: The target price is calculated by measuring the height of the triangle and adding it to the breakout point. This gives a potential target around $157.21 as marked on the chart.
Volume Confirmation: The breakout is supported by a surge in trading volume, which helps validate the breakout's strength.
In summary, the symmetrical triangle breakout suggests a continuation of the bullish momentum, with key targets around $117 (first target) and $157 (second target).
Symmetrical Triangle: This pattern consists of converging trendlines, where both the highs and lows are moving towards a point, forming a triangle. It typically indicates a period of consolidation before the price breaks out, either upward or downward.
Breakout: In this case, the price has broken out upwards from the symmetrical triangle, which is often a bullish signal when seen in an uptrend or after a prolonged period of price consolidation.
Measured Move: The target price is calculated by measuring the height of the triangle and adding it to the breakout point. This gives a potential target around $157.21 as marked on the chart.
Volume Confirmation: The breakout is supported by a surge in trading volume, which helps validate the breakout's strength.
In summary, the symmetrical triangle breakout suggests a continuation of the bullish momentum, with key targets around $117 (first target) and $157 (second target).
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إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.