Some random guessing.
$Alibaba(09988)$is likely to be range bound between 120-90 until next positive earnings or end of the year whichever is earlier before a rally may happen with Low target of $135 and higher target of $180.
Reason being, $120 is strong resistance level, and the price action seems to be muted after reaching it. There's lack of strength to carry through.
In addition, the catalyst is also weird, I dun see the link between gaming approval and Alibaba. Tencent yes, Alibaba no. Markets seema to be finding a reason for pent up rally to rally.
Alibaba is definitely still growing and will continue to do better, however likely will need more solid and relevant news for more investors to pile in and start their FOMO investing.
Hence, I am of the opinion that unless there's real gd news to power Alibaba up, it will have to depend on positive earnings report orthe feel good rally before and after China party congress in November.
https://asia.nikkei.com/Politics/China-to-hold-party-congress-in-November-report
I was already having a riot adjusting my $Alibaba(BABA)$$Alibaba(09988)$options these few days... the sudden and aggressive rally threw my positions all over the place.
Busy rolling both my call and put options [LOL] [Facepalm]
Hope that Alibaba give me some time to settle the Happy problems that it's giving me now.
[Cool]
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[Thinking]
Good stuff