$BABA TOP 20
Added 2023-08-22 11:56:29 +0000 UTCThe market took its time to weigh up the significance of the Chinese rate cut yesterday and eventually it decided that it was a step in the right direction and $baba finished green for the day.
Showing a good start in the PM today too.
The price is just at the yellow trend line now and just below the 0.618 Fib at $90, a good sign will be to see the price back above this level and back in the channel.
If we hear more encouraging news from China, this will help its momentum.
I have heard more reports that China is trying to weigh up the suitability of reducing rates while also protecting banks....so they may use other tactics to stimulate the economy, in addition to cutting rates.
