BABA: Near term bottom reached

BABA is making a double bottom having reached the downside objective of the previous channel breakdown. Whilst it is difficult to derive an objective price target for a potential BABA rebound, we do have a well defined stop level and can guesstimate the max upside potential to +25% as the old support level becomes a resistance.

Trade closed manually:

I had no real target price on this trade but considering it is c.+16% and...

#1 I am leaning neutral to bearish index-wise
#2 Baba came within inches of the 78.6% retracement level
#3 there is the onset of a negative MACD divergence

It is time to close the trade.