$Alibaba (BABA.US)$ Alibaba broke 129 support without much o...
$Alibaba (BABA.US)$
Alibaba broke 129 support without much of a fight. This could be due to overall market sentiment as we do see US major indexes also selling off.
Alibaba broke 129 support without much of a fight. This could be due to overall market sentiment as we do see US major indexes also selling off.
This will be a good time to cut losses but I'll be only cutting half later on market open if it still doesn't rebound today and still hold the other half for a little longer as I have 2 months to expiry. Do not average in on baba yet as the key support broke and the next support is all the way down at 123. 123 is not very strong and it could only rebound at the 108 level.
As always, trade safe & invest wise!
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Caprigoat : I’m pretty amazed at how confident Investor 101 is when it comes to the numbers
Investing 101 OP : There might be a slight chance of a rebound for baba at 123 only for the reason that there is a gap at 126 to be filled from 3 to 4 years ago. Gaps are filled 90% of the time and this could be the time it gets filled before a rebound. Nobody knows where this fall will stop at. But you can only use past support levels to determine where are the better entry points.
冬の树 Investing 101 OP :![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")