$BABA

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$BABA recently completed an inverse head and shoulders breakout, reaching its measured move before reversing sharply back to the neckline. 

Over the past few months, price action has been consolidating at this key level, where traders were looking for a solid bounce, we had some inside range candles signaling indecision while nothing really materialized. 

Three weeks ago, a piercing line candle emerged, which confirmed last week with bullish follow-through, and this week we’re seeing continued strength with a strong bullish continuation candle, suggesting strong buying interest. 

However, on the daily chart, after bouncing from the pullback, price has now retraced to its .618 Fibonacci retracement level, where today’s bearish counterattack candle signals potential exhaustion. 

If bears get follow-through to the downside, it could indicate that momentum is fading, and a deeper retracement may be needed before any sustainable upside move. 

With no clear support level or bullish continuation pattern in place just yet, patience is required as the chart resets and builds a more defined technical setup for the next move.

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