The Long Investor

$BABA TOP 20

Added 2024-08-17 15:17:50 +0000 UTC

Great finish to the week for $BABA, in spite of the slight revenue miss and the confusion behind the FCF heavy decline.

We focused strongly on the technicals this week and it guided is very well.

What I particularly liked was the strong hold in the PM, directly after the earnings were released, it was red but it was not an overreaction, which we noted at the time in the chat group

But now we can see that when the session opened, there was a perfect retest of the red line at $77, which was a persistent resistance line between December and April (highlighted by white circles) and a bounce followed, so we got our retest and support confirmation, then a higher high followed....which is Wave 3 confirmed.

The 1.618 Fib is at $88, price is above all moving averages now, so the bulls are in the driving seat.

If the HSI can a reverse now, this will fuel $BABA higher.