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Fan Yang

Alibaba (BABA) Looking at a Potential Bullish Breakout That Would Open Up $195-$200

Alibaba $BABA is trading around $179, which is a previous resistance since late July and again in August. 

BABA Daily Chart

(click to enlarge)

Sideways Market:
- If we look at price action since second half of 2018, we can see that BABA has shifted from a bearish run to a sideways market.
- But within this sideways market, we can also see that price didn't go back to the range support, which was around $130.
- Instead, price held above $150 in June 2019 after a retreat from the range resistance around $195-$200.
- This gives us some indication that bulls could be more in charge here. 
- Furthermore, price has been pushing at the $179-$180 area. 
- A break above $180 would open up the range resistance in the $195-$200 area. 
- With the bullish signal that price didn't get back to range support, I think price would break above $200 if it does get there. 
- However, if price fails to clear above $180, a break below $160 would open up the $150 support pivot, and the $130 low.

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