$BABA
Added 2023-08-08 12:14:33 +0000 UTCGetting some red after that disappointing export report came out this morning from China, Exports are down -14% from last year which is not a good sign but even more pressure will be put on policy makers to step in.
Inflation figures for China are due out tomorrow, although it is not expected to go below 0%, I suspect that China will need to step in in order to stop this from happening.
On the chart, I am watching for support at the 0.78 Fib at $92.81.
Failing support here and we need to look at the 200 Day MA at $90.10
My plan remains the same, staying with $BABA and the next time I will add will be if we hit the 200 Day MA.
Earnings will be out this Thursday before the market opens.
Comments
Cap on the daily, the 50 is about to cross the 200
makis
2023-08-08 13:46:51 +0000 UTCExports to the us are down over 20% which is incredible, europe is similar, clearly massive amounts of supply chain are being removed from china and based on imports the chinese consumer is weak, there is no spin for last nights numbers, they are horrific, Xi has made china largely not investable
ALG
2023-08-08 12:24:14 +0000 UTC
