BABA: Due for a Meaningful Bounce
Updated
BABA approaching support and the bottom of a long term channel. My opinion is we'll see a bounce into earnings on the 13th and possibly pushing higher depending on the outcome. This growth stock is so "cheap" right now even Charlie Munger likes it. A close below 222 would be an invalidation of the green support line and a weekly close below 217 would probably invalidate the channel.
Note
Unfortunately, it appears the channel has been breached and unless we see major buying Friday, this may have farther to fall.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.