"It's the most overbought it's been since 2014, even more overbought than its all-time high in 2016," Maley said. Chart analysts typically interpret overbought conditions as signs that the underlying stock or index could be prime for a pullback.
He added that while Alibaba looks overbought on a near-term basis, its chart suggests it could continue its rise over the long term."The stock had formed what's called an ascending wedge. That's actually usually a bearish pattern. When you break below it, it sends up a big red flag," Maley said. "But this time, it's broken above it, and not only above it, but well above it.
TradingNation And FAANG stocks!
TradingNation Wall Street never understand how Chinese market played. Stocks were down yesterday, and they would like to bait and lock people’s money including the foreign investment. Most of time, Chinese market is bear market, only short term bull to bait and lock
TradingNation They selltons of fakes on that site. Never trust the Chinese
TradingNation That’s the buy signal. always wrong. Case in point they have Henrybloget as an “expert” who was banned from Wall Street for pump and dump
TradingNation What your actually talking about stocks instead of your activist agenda
TradingNation That's artificial.
TradingNation Chase $amzn, $tsla instead?! 🤣
TradingNation That’s the all clear sign to buy $BABA as institutional firms plant stories to keep the lid on the stock - oldest trick in the book!
TradingNation
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