$BABA
Added 2023-05-25 17:00:24 +0000 UTC$79.50 needed to hold and it has lost it now, unless it can recover quickly, this will likely come down to first test the blue line which is at the .78 Fib at $71.60 and failure to hold here and it is coming down to Wave C.
One too many economic indicators have not gone in China's favour lately, they have yet to start stimulating their economy and there has been a suggestion that Covid rates will increase and this is concerning the market as to which direction Chinese policy makers may take towards this.....they need to take a hard stance against this Zero Covid policy and that it is done and dusted and will not be coming back.
For me, $BABA is a long term hold for me, I am holding it regardless and I'll DCA in the buy zone, the same way I'll DCA into $NIO when it enters the buy zone again.
I am not concerned over a few months, I enjoy buying cheap shares.
Comments
Unless it can recapture it quickly, the bear case is in control.
Gareth Neary
2023-05-25 19:41:38 +0000 UTCThanks Gar! So, is the pennant pattern from yesterday invalid now? Is it the bear scenario now?
Mohammed Mamoun
2023-05-25 19:22:33 +0000 UTCYep, the reason we will buy one is the same reason we will buy the other, $BABA is consderably less riskier than $NIO too.
Gareth Neary
2023-05-25 17:09:35 +0000 UTCVery well said Gar, I think between them BABA and NIO are going to be powerful investment opportunities if accumulated soon in the buy zone and held for a good few years 👍
Andrew Hopper
2023-05-25 17:04:14 +0000 UTC
