BABA was too obvious to be a buy, IMO. I doubt this will move much higher till enough weak hands have been shaken out, then ... look out above.
Yes, BABA spiked off the $76.21 area, twice, and that is currently the bottom. Earnings I believe are on the 12th of August, and with the rebound in China stocks, it probably spikes into the number. I agree that the weak hands will get shaken out. My target is the unfilled upper gap over $97 from early this year.
Hats off to you Chris Mac, you called this one correctly. I did not average down but now at $68 and change, it looks awfully tempting?
Ironchief, it looks awfully awful, period. Take your losses. Why ? S&P and Nasdaq are ready for more downside. At least 10 percent. And BABA is not a contrarian play, this is the contrary. BABA is now in unknown territories. Zero support. BABA could go rapidly to 40 dollars, even lower, who knows. Just get out as fast as you can. Next week, there will be blood. CM
I reactivate this old post... Maybe BABA could be a BUY @ 57/58. I say "could", because BABA is still in bear market. It seems BABA is forming a double bottom. Moreover, we got a positive divergence with RSI. If : 1 57 dollars holds and 2 price breaks resistance line (in red) Then BABA could outperform the overall market. CM
Again, "Technical Analysis doesn't work." +21% in 2 weeks is "ugly" performance. For people who follow my advices, take profits, and wait a retracement (50%?) to jump again in the train. CM
BABA is the ERP interface to China. I bought while at the highs and was stopped out and re-entered at the recent lows. I think with China being beat down, it was a good entry point for my long term account. FWIW
$BABA volume wasn't strong n this week should be interesting. Remember price closed above IPC n new waves of buyers will show up if it holds
$BABA when price pushes 4-wk high specially from downtrend expect price to push 40dma now falls at 73.88 that is where bad guys' eyes are on
What are you talking about? Bad guys? 40 dma? There are no bad guys. Only people, winners and losers. 40 dma ? Who cares? BABA was ST Bull, it is again Bear because main trend is BEAR. So expect at least a 50% retracement : back to 65 dollars, maybe 60, maybe new lows?? And buy again lower. And make money. Easy. If you want to learn and work. Difficult if you are here to explain your wrong interpretations. CM