Stock Market Viewpoint

Stock Market Viewpoint
Reading the Tea Leaves...

Wednesday, December 30, 2015

BABA Weakening at Resistance

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.

click on image to enlarge

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


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