BABA may face more short-term pain. Eyes on 240-246

First, BABA is a great buy if you are in for the long-haul. However, with the recent news related to its Ant IPO, it looks like BABA is heading towards 200MA (purple line @ 240). Right above 200MA, there are resistance in the range between 240 and 246. So I'd pay close attention if price falls below 250 and put a buy order around 200MA. Since 2019, the 200MA has been a strong support for BABA.

Long BABA