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Alibaba (BABA) Breaking Above Consolidation; $200 is Next

Alibaba $BABA is signaling a bullish outlook as it broke and closed above a consolidation pattern that looks like an ascending triangle.

BABA Daily Chart

(click to enlarge)

Bullish Development:
- Note that Alibaba was bearish in 2018, but price action flattened by the end of the year.
- In 2019, we saw price spring up from a large consolidation pattern. You can also say it completed a double bottom when price broke above $170.
- BABA then consolidated in what we now can say is an ascending triangle.
- After more than 2 months of consolidation, price broke above the $187-$188 consolidation resistance. 
- The next key resistance and psychological level will be $200. 

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