I’m expecting BABA price to rise till the $230 range in the weeks to come, the potential price movement is evident on the weekly and monthly chart. This is especially so, with the price ranging between $208 to $170 since last year Sep. Thus, this breakout movement might signifies a greater movement upwards in the coming weeks. However, I do expect pull backs to the resistance turned support region or a minor consolidation midway before continuing its momentum towards the target price of $230.
Trade closed: stop reached:
Unfortunately, stop loss was hit due to constant fear of trade war and further negative news regarding global trade. But risk management was adhered to in this trade.