Alibaba (BABA) finally gave investors the move they have been waiting for since the IPO. A surge into the price action that represents a top performing stock. Notice the improvement this week taking the SCTR to 97. This is a great move by a stock and investors are buying the shares.
With the technical breakout above resistance and a follow through day shown on the daily, this looks very bullish. The volume associated with the breakout and the MACD soaring to the highest levels yet, suggests the move is starting. This looks like the performer many people expect Alibaba to be.
Good trading,
Greg Schnell, CMT, MFTA.
About the author:
Greg Schnell, CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA).
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