Alibaba Close to a Secondary Breakout?

Jul 10, 2017

Alibaba formed a nice cup with handle pattern for several months in late 2016 to early 2017. That was followed by a 20% gain as expected by IBD's system. Over the last four or five weeks it has been consolidating again in a ascending triangle that is using the previous trendline of the 20% rise resistance now as support. If this support holds the breakout of the triangle should occur soon and could suggest another 20% run over next month or two until consolidation occurs again and a new base is built. Hopefully market will not become bearish and will cooperate.