TomProTrader
Long

BABA- Bottomed Out, Plenty Of Reason To Buy

NYSE:BABA   Alibaba Group Holdings Ltd
205 5 1
BABA is looking like a buy opportunity. A gap above 89.47 makes this 95 percent probability to be a good long

13 to 1 risk reward ratio makes this a no brainer. And if the stock gaps up or opens positive I will be buying into BABA regardless.

Stop loss is tight based on the fact that if the next candle closed below the bullish confirmation, then the bulls obviously aren't confirmed and the bears aren't done here yet.

Maximum target is probably the top of this descending broadening wedge formation. Which is the target i've used for my risk reward model.

Thank you
Tom
We didn't get what we needed to buy this stock today, hopefully the buy opportunity comes within time though :)
+1 Reply
mihai.mititelu TomProTrader
I don't see any reason for BABA to grow in the following month, as the second lock up period expires in March and more than 400 mil. shares will become available for sale. My opinion is that we will have a new record low in the following week.
+2 Reply
TomProTrader mihai.mititelu
My opinion wasn't fundamentally armed whatsoever, just a technical area of a possible buy. But this area has expired and I've seen no evidence of a bullish sentiment since. So you could be right.
+1 Reply
mihai.mititelu TomProTrader
I could be wrong as well. This is just an opinion. Anyway, I really appreciate your work.
Reply
TomProTrader mihai.mititelu
I appreciate all opinions also. Thank you for your input into this idea :)
Reply
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