Watch BABA Closely In This Range
Updated
Traders are undecided on Alibaba in a post-Trump world, demonstrated by the relatively horizontal movement over the past couple of weeks. The slightly tighter range indicates people may be ready to make a decision, so I'm watching two pricing levels.
$91.26 - Long
This resistance level is just above the 18 day moving average as of right now, if the stock breaks above this level, my guess is it'll at least go to today's 40 day moving average of $95.36 – over a 4% gain. If it breaks above the $96.06 one month high, I'd feel fairly bullish.
$87.54 - Short
This support level is just below the 13 week low. If it breaks below this, the $84.56 is where I'd look for support – a 50% retrace from the 52 week high.
$91.26 - Long
This resistance level is just above the 18 day moving average as of right now, if the stock breaks above this level, my guess is it'll at least go to today's 40 day moving average of $95.36 – over a 4% gain. If it breaks above the $96.06 one month high, I'd feel fairly bullish.
$87.54 - Short
This support level is just below the 13 week low. If it breaks below this, the $84.56 is where I'd look for support – a 50% retrace from the 52 week high.
Note
Broke out of the channel, but watch for a retreat kiddos.
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