The fundamental for the company is still bullish. * News of customer data leak didn't send this crashing down and historically the market is relatively tolerable towards data leaks . * All regulatory fines are settled and Jack Ma's lack of presence is at least indicative that he acknowledges a positive correlation between BABA's success and his attitude towards the CCP. Inflationary risks also seem much less of a concern in China vs. US.
The technical buildup is also interesting.
* Nearing the apex of this falling wedge * In the Historical Buy Zone (long term supporting trendline/zone)
It's also worthy to point out RSI behaving interestingly with BABA at weekly views, with successful entry setup seen at RSI < 35 indicated by green arrows, and riskier but would have been successful setup seen at RSI < 40 indicated by yellow arrows.
Position: TBD Waiting for confirmation of close above the upper line of the falling wedge in the daily chart
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I had entered two days ago pre-emptively after considering risk. A bit concerned about the gap so I may only ride this out for a very short play and look to re-enter later.
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Reinforced position here at 210
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Looks like I entered prematurely. The gap down at PM today is reaching close to my stop loss.