The Long Investor

$BABA TOP 20

Added 2023-08-11 09:28:38 +0000 UTC

Very nice day yesterday for $BABA, strong earnings and a bullish cross for the 50 and 200 Day MA.

PM is showing that the market is taking a bit of steam off today, the structure here is moving well to the upside, with higher lows recorded and the 200 Day MA acting as a strong support line......something we are observing on the $NIO chart too...

There is still weakness across the US market and this should remain for the month, so as long as the overall charts are doing what was expected, we can not be too surprised.

Some individual stocks may take a harder hit but overall, I am not seeing much break downs from any structures.

For $BABA, getting above $100 and holding above this 1 Fib is important and like we said yesterday, getting above the previous high at $102 will confirm the upward tend again.