What Happened to BABA

2022-09-29

Good day, traders!

We're looking into a possible sell setup for $Alibaba(BABA)$

And this is why:

1.) The price has been in an descending trend on the daily chart since the beginning of August 2020 to date.

2.) The price is currently trading at a all time low since 2016 around the 80.99 levels

3.) It's at the 127.2% Fibonacci extension where we might expect some reversal

4.) But the overall fundamental and technical view is that prices of Alibaba might drop further if it breaks the current key support level

Does anyone have a similar bearish view?

Trade Entry recommendations:

Sell Entry: 80.99

Take Profit: 58.78

Stop Loss: 102.81

Other tickers to recommend:

For 5x Long Leverage: $Alibaba 5xLongSG230504(DDOW.SI)$

For 5x Short Leverage: $Alibaba 5xShortSG230330(DAJW.SI)$

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

Ah_Meng
2022-09-30
Ah_Meng
seems like more and more people are bearish on Alibaba...
Andie8392
2022-09-29
Andie8392
thanks for sharing.. nice read
boonk
2022-09-30
boonk
When will the lantern being rub n the genie will appear to help Alibaba to former glory ..
Kerrisdale
2022-09-29
Kerrisdale
Bearish .. agree
BillyWilliams
2022-09-29
BillyWilliams
Well, BABA has been doing badly for a while. Let's see if it can rebound like the other stocks.
LesterTan
2022-09-30
LesterTan
Buy baba, undervalued

Leave a comment

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Let's see if it can rebound like the other stocks.","text":"Well, BABA has been doing badly for a while. Let's see if it can rebound like the other stocks.","html":"Well, BABA has been doing badly for a while. 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