$Alibaba (BABA.US)$ baba outperformed the Chinese Internet ...
$Alibaba (BABA.US)$ baba outperformed the Chinese Internet stocks yesterday as kweb lost over 3% while baba lost slightly over 2%. Volume was low until the buying in at 119-120 level.
US Indexes had a closing sell off but baba did not.
I kept emphasising how based on my technical analysis, smart money is accumulating. But if you solely look at price action, you will think they are dumping.
I kept emphasising how based on my technical analysis, smart money is accumulating. But if you solely look at price action, you will think they are dumping.
Look at intraday where selling volume was weak and the buying came in around 119 to 120 to push it back up.
That's why I said, people who only knows how to read price action, gets manipulated by smart money. You need to use volume analysis together to know their movements.
Of course, trust your own analysis and if you feel based on your risk management it is time to take profit or cut loss, you should. As I could always be wrong and everyone has different risk tolerance.
Do watch my video to further understand my analysis and what to be expecting this week!
As always trade safe and invest wise!
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XiCP : too many people are too concern about price. I do believe still it looks bullish short term though I mainly look at fundamebtals & this price does not justify baba valuation. as a long term investor, the stock have to go up sooner or later. of course we can't be sure when. short term traders will be taken out with weak hands when they can't digest dips, while bulls will continue to hodl.
kent79 : ok