$BABA TOP 20
Added 2024-02-07 15:22:17 +0000 UTCWe needed no surprises from $BABA's report as the market from China is on a knife edge and $BABA reported a slight miss on earnings:
3Q REV Yuan 260.35B, EST Yuan 261.25B....a slight miss but seen as unfavourable for the market at the opening
In spite of another raise to the share buy back program by $25 Billion, the price is down -5% now
On the chart, the price has come down to the 50 MA on the 1hr which is very close to the 200 MA too....we want the price to hold this level and there is no break down of the impulse structure
Chinese policy makers will continue to pump their stock market and $BABA remains undervalued at these levels, a slight miss on earnings is not an alarm bell but the market will take advantage of this
Comments
It looks like this structure has broken down. Can we get an updated chart when you have a minute. Thank you!
Mike N
2024-02-09 17:15:42 +0000 UTC
