$BABA TOP 20
Added 2023-09-22 15:50:20 +0000 UTCIn our last $BABA update we said it was looking slightly weak and it needed to start showing strength, dropping under the blue line and wedge was not a good sign but in true $BABA fashion, it has come out swinging when it needed to and is so far having a strong day.
Cainiao, a unit of the $BABA group will IPO next week and it will be the first introduction of $BABA's plans to IPO a number of their arms in their network.
Coupled with more positive sentiment from Chinese policy makers to help the private market.
We need to see more of this.
We can see that $BABA held support on the 0.78 Fib before bouncing and this has been a common Fib level lately while the market is under pressure.
We are just slightly above the blue line right now but I want to see the price hold above this line at $88 and next we want to see $BABA get back above the 50 and 200 Day MA, who are now intertwined with each other at $92.50.
