The Long Investor

$BABA

Added 2023-07-19 08:56:50 +0000 UTC

I have added in the amber Fib levels to show where we need to see support and $88 is the magic number for me.

It is at the blue line and the 0.618 Fib and just below the 200 Day MA.

This appears to be a strong support level, all the big hitters are there to stop the price action.

If this price does drop through this level then this would be a big signal that things are turning bearish and the market is losing hope on a stimulus package....but we are not there yet.

I am in the camp of wanting to add at $88, not selling at this point.

Positive news in the PM so far, China Industry Minister acknowledging that the economy is not as comfortable as it should be right now.....this is just a statement but we still need more.

I am seeing a lot of analysts just waiting for this news.....this is the catalyst we need once this is news is dropped.