$BABA TOP 20
Added 2023-08-29 09:49:02 +0000 UTCIn our weekly update over the weekend, we said that we need $BABA to start recovering early this week to show some strength or it is at risk of losing the blue line support......and yesterday we saw the blue line defending very well again and the price broke back into the channel again.
Very happy to see this and happy to see that the price is now above the 50 and 200 Day MA too and holding steady in the PM too.
Chinese policy makers have been moving, even if it is slow and the Chinese ADRs are moving slow with it....I can accept that.
A bounce through the 50 and 200 Day MA and retest from above would be a strong indication that things are moving to the upside.
I am heavy in $BABA and it is in my Top 3 largest holdings, my underlying aim is to always buy undervalued stocks, in terms of their revenue and fundamentals, regardless of any political or economical conditions of whatever market and geographical position the country is in.
We live in a globalised world now and $BABA sells to the world and expanding their reach too, it is not solely in China, it is however their main base, will they likely continue to expand into more markets?....very clearly, they will.
