BABA has been a controversial stock the past year and its chart is a most unusual one. Over the past couple of the months it has been building an ascending triangle but failed to lift from it as it came to a point.
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The past couple of days the pattern has become a technical failure and shorts love nothing more than an failed ascending triangle. It should sell down from this but realize also that BABA has a bit of a cult following and this situation may not shake their faith. We will have to see.
Trade well my friends
Alan
