IvanLabrie

$BABA: It's time, load up the truck...

Long
NYSE:BABA   Alibaba Group Holdings Ltd.
I think $BABA likely bottoms around here, the 14 week down trend signal that predicted this decline reached its final week and price will gap down into long term support from the all time 25% speed line for the whole advance from the bottom to the top. Sentiment had reached critical levels for equities last week already, and there's a path out of this mess with Evergrande possibly under control and most investors liquidated out of this stock, reaching lows not seen since 2019. Valuation is interesting now, so, it seems like a good play to try and knife catch this one. I once tried with the $KWEB etf which had completed a similar down trend recently, which led to a rapid rebound rally but that rally was faded after I took profits, and prices retraced back near the bottom on the back $BABA's continued weakness.

The time is likely now, to try and fade this largely hyped fall, after most people trying to catch the bottom gave up already. Let's roll!
I risk 1 average true range down, below this support level here, I will then monitor daily charts for a bullish trend signal after basing, to accumulate more shares and trail my stop loss higher.

Cheers,

Ivan Labrie.
Comment: Daily basing: High odds we saw the bottom long term...
Comment: Added a bit today.
Trade closed manually: Exit #BABA

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