Alibaba Group Holdings Ltd.Panjang
BABA Slight Pullback or Coast Tomorrow, then up to 185 by 10/30
Based on the current trend which is a rising triangle (which usually signals an upcoming bearish move), BABA may experience a slight pullback or consolidation tomorrow, but should not exit the triangle. The stock should then arrive at 185 per share by 10/30.
The rising triangle is unlikely to signal a significant bearish move in the case of this particular stock, however watch the upper and lower resistance lines just in case there is a bearish move or an early bullish burst towards 200. A more likely reversal event is when the stock tests the 200 level which should be before the end of November. Recommend selling around 195 then buying back after what should be a 10 to 20 point reversal at that time.
The rising triangle is unlikely to signal a significant bearish move in the case of this particular stock, however watch the upper and lower resistance lines just in case there is a bearish move or an early bullish burst towards 200. A more likely reversal event is when the stock tests the 200 level which should be before the end of November. Recommend selling around 195 then buying back after what should be a 10 to 20 point reversal at that time.
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