BABA a Possible Flush to Low 90's?
This would have been a good short on Friday after it broke the trendline and tested the most recent low. Yesterday, the market took a beating, and BABA went down even harder (-$2.60 / -2.51%). It did test long term resistance in the upper 99's, and it bounced a little. We may get a little more bounce off of this support and the .50 Fibonacci, but the overall market will also have an effect, so we'll just have to wait and see. Currently, it is up to $102.00 (+ $1.00 / 0.99%) premarket.
Either way, I see this retracing back down to 0.618 ($97), and ultimately 0.764 ($91.50). It's under all 3 moving averages, and the Parabolic Sar is also signaling a short.
Either way, I see this retracing back down to 0.618 ($97), and ultimately 0.764 ($91.50). It's under all 3 moving averages, and the Parabolic Sar is also signaling a short.
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