BABA running out of steam?
PRICE - Price is starting to decline, which isn't necessarily a bad thing. But the stock failing to break resistance at ~$120 is a sign that many people might find it's gone up too fast. While I don't see a catastrophic dip, I am looking to add long positions around the $106 level. If this level holds, watch for rejection at 120. Another rejection at that point could send it back to 106.
ACCUMULATION - There appears to be some distribution occurring. Since the stock is fairly new, watching where buyers start to reappear again is going to be very important in determining price stability going forward.
- There's no case here. The is indicating that unless a major event jerks it in the other direction, the path of least resistance is lower here.