$BABA TOP 20
Added 2023-08-18 11:34:03 +0000 UTCBack down to the blue line again in the PM and has held here so far.
The pressure is mounting on $BABA and Chinese stocks, the market has been optimistic since June, where $BABA has gone from $77 to $102 on the anticipation that China would make an announcement relating to a stimulus package.....the longer they take, they less enthusiasm in the market there will be.
I can see it in our group too and I understand their frustration.
I am sticking with $BABA and their earnings impressed me, it is also undervalued and their plans to break up into 6 parts will release even more value, we are dealing with the second biggest (soon to be biggest) economy in the world, if China is struggling, then many will follow.
Losing the blue line will put $BABA back into the bear case and will likely come down a lot further if the blue line is not recaptured.
The 0.78 Fib is at $86.94.
There is also a gap down to $83.88
