ALIBABA - Open Sesame for the Trend!

Hello Trading Family, I found BABA chart interesting.

We can see that BABA is currently trading inside these two brown trendlines forming a rising broadening wedge.

And it is currently approaching a strong rejection/support area.
I call it "War Zone", highlighted in Orange (circle).

The highlighted orange circle is a strong area to look for buy setups as it is the intersection of support in green 210.0 and the lower brown trendline acting as non-horizontal support. (trend-following setup)

As per my trading style/plan:

Short-term: As BABA approaches the orange circle (area), I will be looking for bullish reversal setups on lower timeframes (like a double bottom, trendline break , and so on...)

Long-term: I will be waiting for a third swing high to form around the upper blue trendline (projection in purple) for it to become valid then buy on this last swing high (gray area) break upward.

Always follow your trading plan regarding entry, risk management, and trade management.

Good Luck

All Strategies Are Good; If Managed Properly!
~Rich