Everyone is in shock of how BABA is collapsing these days. The selling volume seem to be maxed out for this drop as is evident in RSI. There is a high change of testing 12 MA around 170 in the following week. But the bear market is not over yet. After next week's dead-cat-bounce, BABA should keep dropping till it hits 130 in the upcoming months. From there, there could be another bounce or even a reversal fueled by their earnings.
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Spot on!
Trade closed: target reached
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First target was almost reached. Let's see if we are going back inside the green box now or heading back to the red box.
180 in next two weeks is likely. 130 as the low - highly unlikely (It will definitely revisit 155.5 and lower but i think we are stopping between 140 and 155 (Large range but so is randomness of news from China :)
Realamh
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@himeshpatel1981, hopefully, you are right! China is unreliable and could cause further damage to this ticker. Let's see if they stop.