A symmetrical triangle pattern has emerged in the chart of Alibaba Group Holding (BABA).
Alibaba Group Holding (BABA) is the world’s largest online and mobile commerce company. It operates China’s most-visited online marketplaces, including Taobao and Tmall. The company continues to see strong growth in e-commerce, and its strengthening cloud business will be an additional tailwind going forward.
Take a look at the 1-year chart of BABA below with my added notations:
(Chart of BABA provided by TradingView )
As you can see, a symmetrical triangle chart pattern has formed in BABA. There is trendline resistance converging with trendline support, which forms the triangle pattern (blue).
A trader could enter a long position on a break above the trendline resistance or a short trade if/when it falls below the trendline support.
(BABA is one of the stocks currently in Steve Reitmeister’s Total Return portfolio. Learn more here.)
Keep an eye out tomorrow, Thursday 8/20/20, morning before the opening bell, as BABA will report its latest quarterly financial results.
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BABA shares were trading at $258.35 per share on Wednesday morning, down $0.85 (-0.33%). Year-to-date, BABA has gained 21.81%, versus a 6.34% rise in the benchmark S&P 500 index during the same period.
About the Author: christian
Christian is an expert stock market coach at the Adam Mesh Trading Group who has mentored more than 4,000 traders and investors. He is a professional technical analyst that is a certified Chartered Market Technician (CMT), which is a designation awarded by the CMT Association. Christian is also the author of the daily online newsletter Todays Big Stock. More...
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