I think NYSE:BABA needs to provide much more confirmation before one considers buying this stock . I can think of these scenarios : First scenario :Price doesn't go any lower than 192.9 after the opening and price goes up to test the blue resistance line and then closes considerably above the blue line /200 area , in this case I think it's a confirmation to buy and set a target at around 208.5 .We could even break above the green line and that would be an even stronger buy signal with a first target at around 216 and a good potential to hit the 230 (second target) Another scenario : Price drops considerably below the 192.9 which would make the blue line almost useless , and continues droping to around the black line at around 186.5 , that would be a level with high probability of a bounce up and winning a buy entry with a target set at around 193. In case price closes considerably below the blackline , it would be a rather sell signal with a target set at around 178 .
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I think the 200 area is a key level to watch. If price closes significantly above it it is likely to reach around the 208.5 with a considerable potential to reach the 216 are and possibly the 230.