The Long Investor

$BABA TOP 20

Added 2024-07-21 13:28:42 +0000 UTC

We waited all week for a positive announcement by the Chinese ruling party that they would add another stimulus measure but instead we got a number of commitments and no rock solid statements of hard cash injection, the market I believe was disappointed by this but the Chinese ADRs did not seem to fair as bad as the US Mega Caps this week.

$BABA however lost its 200 Day MA and finished the week on its 0.618 Fib.

Another wedge formation as been formed here too and really this is just sideways movement until earnings is released.
The price action remains in the middle of this blue line and red line range, which it has been in since December.

Recapturing the 200 Day MA would entice me to add again but I also may consider adding while this consolidates into this tight range.