$BABA TOP 20
Added 2023-09-15 18:22:52 +0000 UTC'Chinese industrial output jumped 4.6% year-over-year in August, ahead of expectations among economists surveyed by FactSet of 3.8% growth and marking an acceleration from July's 3.7% increase. Chinese retail sales — which have a clear read-across for the big e-commerce names — surged 4.6% annually, above expectations of 3.1% and up from 2.5% in July. '
Positive news from China this morning but a red day for the market has not helped this news to move the share price here. Price action is battling hard to stay on the wedge line now and I have added in the 0.65 Fib to show that this is an important Fib level that we would like to see held too.
Moving to the end of the wedge would also not be a bad scenario either as the direction will need to be decided by then.
$BABA has a bit of work to do here now.
Comments
Around end of Q2 and early Q3 was the trough for China's economy. No Japan style deflation it seems..
Pinguo Pinguo
2023-09-15 19:33:49 +0000 UTCWhen good news and another rate cut are not positive, stay away
ALG
2023-09-15 18:30:34 +0000 UTCDollar is also strong which makes international undesirable
ALG
2023-09-15 18:29:37 +0000 UTCReally seems like the whole diversify into international markets instead of just SP500 doesn't apply anymore like it did in the past. When the US market is red, international wont be green. BABA still a great long term hold though
ES B
2023-09-15 18:25:53 +0000 UTC
