$BABA-W (09988.HK)$ baba is still holding better than I init...
$BABA-W (09988.HK)$ baba is still holding better than I initially thought it would. Based off last Friday price action, I gave up my short term bullish bias as it was looking bearish. I might be wrong and I'm never afraid to admit if I am.
We will have to see if this week baba can expand the bband towards the upside to push towards the gap at 150s.
But my short term bias is now more neutral to bearish as I feel it may retest 20Sma first before it has any chance to push up. If it breaks 20sma, I will go bearish bias as it will have a strong chance to expand bband downwards to retest 108 lows or even 90s key support.
Do watch my video to understand more on BABA analysis.
As always trade safe and invest wise!
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丁蟹NA : It seems to me, most of the actions are taken place in the middle of the week rather then the end of the week. Could that be the cause?
Derrick_98 : Also need to see the reaction at US side tonight... may drop to the support line. Lets see.
Investing 101 OP 丁蟹NA : End of the week close is important. Because if you are looking on longer term horizon, you use the weekly chart. Not the daily chart.
Investing 101 OP Derrick_98 : I'm generally bullish on China Internet companies. But baba just seem to have a more negative sentiment. Sold my calls but positioned those capital into selling puts for kweb last Friday on Feb 18 puts at 29.42 strike.