The 5 day ema has provided end of day support for 18 trading days.
The 10 day sma has provided support for 19 trading days.
8 days ago $BABA broke out above all time highs and never retraced.
For the past 5 trading days $BABA has been in as $119.45 resistance / $106.48 price support price range.
The first level of support is the 5 day ema. A close below that level will be the first danger sign of a trend reversal.
The second level of support is the 10 day sma. There is a lot of danger below that level that $BABA has a deep correction to the $100 break out level.
Current the RSI oscillator is useless to use for $BABA as monster stocks with institutional support have no long term resistance.
All time highs are bullish and perpetuate more new all time highs. The danger is if the market as a whole pulls back leading stocks like $BABA will follow the larger trend in equities and retrace as well.
$BABA is the stock that needs to be on every stock traders list for monster stocks to watch. Lots of potential with this one for a continuing up trend.
Volume has increased during the break out and up trend as interest grows in this stock.
