$BABA is looking pretty solid right now.
After getting hammered earlier this year, Alibaba's contract on Binance Futures is trading around *$110.34, up +2.72%* on the day. Intraday high was *$111.36* and low *$107.23* with good volume around *12.9M*. So buyers are definitely back.
On the chart, we can see higher highs and higher lows - that's bullish structure. Price is holding comfortably above *$109.44* support, with stronger support down at *$108.52*. As long as we stay above that $108.50-$109.44 zone, trend stays up.
The big level to watch now is *$111.92 resistance* and the 50 SMA at *$111.76*. We are right under it. A daily close above $111.92 will open the door to $112.91 and then $113.50.
Momentum wise, RSI is around 62.5 - bullish but not overbought yet. MACD is also above signal, so bulls still in control.
My take: This is still buy-on-dips setup. I'd be looking for entries near $109.50 with stop below $108.50, targeting $112.90+. But don't chase right at resistance.
#OptimismOPRises19.98% #OpenAIEngineerArrestedOverAllegedOfficeRecording #AvalancheSaysKoreaKSDPlatformWillSupportItsLedger
After getting hammered earlier this year, Alibaba's contract on Binance Futures is trading around *$110.34, up +2.72%* on the day. Intraday high was *$111.36* and low *$107.23* with good volume around *12.9M*. So buyers are definitely back.
On the chart, we can see higher highs and higher lows - that's bullish structure. Price is holding comfortably above *$109.44* support, with stronger support down at *$108.52*. As long as we stay above that $108.50-$109.44 zone, trend stays up.
The big level to watch now is *$111.92 resistance* and the 50 SMA at *$111.76*. We are right under it. A daily close above $111.92 will open the door to $112.91 and then $113.50.
Momentum wise, RSI is around 62.5 - bullish but not overbought yet. MACD is also above signal, so bulls still in control.
My take: This is still buy-on-dips setup. I'd be looking for entries near $109.50 with stop below $108.50, targeting $112.90+. But don't chase right at resistance.
#OptimismOPRises19.98% #OpenAIEngineerArrestedOverAllegedOfficeRecording #AvalancheSaysKoreaKSDPlatformWillSupportItsLedger