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Could this be a reversal for ALIBABA?
@TigerOptions：
Alibaba has faced substantial challenges in recent years, with the impact of Covid-19 wreaking havoc on its stock. The price plummeted over 70% from its late-2020 peak to the beginning of 2023, and despite expectations for a recovery in the past year, Alibaba's stock continued to decline, shedding over a quarter of its value in the last 12 months. As we enter 2024, Chinese stocks, including Alibaba, remain volatile amid concerns about the economy. Investors are anxiously awaiting effective government stimulus to counter the ongoing uncertainties. The upcoming quarterly earnings report from Alibaba could provide valuable insights, particularly from its core e-commerce business, offering signals about broader consumption trends. BABA Weekly Chart Turning our attention to the weekly chart, Alibaba's stock has been forming a falling wedge and is currently moving towards the top of the wedge. A breakout from this wedge pattern holds the potential for a sustained rise, possibly towards the $97 mark. BABA Daily Chart However, it's essential to approach this cautiously. Upon zooming in to the daily chart, we can observe the price encountering a formidable resistance zone at $78-80. A minor pullback might precede any upward retest.$Alibaba(BABA)$ Full transparency: It's important to acknowledge that my perspective might be biased as I currently hold options positions for Alibaba. BABA Put What are your thoughts on Alibaba's potential reversal? Share your insights and contribute to the discussion! Disclaimer: The information provided is for educational and informational purposes only and does not constitute financial advice. Always conduct your research before making investment decisions. Follow @TigerStars @MillionaireTiger @Daily_Discussion @CaptainTiger @Tiger_SG @Tiger_comments @TigerClub @Trend_Radar @TigerEvents $Nasdaq100 Bull 3X ETF(TQQQ)$ $Semiconductor Bull 3X Shares(SOXL)$ $SPDR S&P 500 ETF Trust(SPY)$ $Tesla Motors(TSLA)$
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