Baba has been tapping strong resistance the last few weeks. I am looking for a nice big green candle to break the trendline with strong volume. I don't see a lot of selling pressure and I think it has some room to run before it is well overbought. If it starts to breakdown, I will be looking for the gap too be filled around $223 before going long.
Chinese stocks are always risky especially with the current tensions between the US and China. I am very bullish in Chinese ecommerce and cloud computing sectors, but there is major headline risk with these stocks.
As always, I am not a financial advisor and this is not financial advice. Do your own research and formulate your own theories. Good Luck!
Chinese stocks are always risky especially with the current tensions between the US and China. I am very bullish in Chinese ecommerce and cloud computing sectors, but there is major headline risk with these stocks.
As always, I am not a financial advisor and this is not financial advice. Do your own research and formulate your own theories. Good Luck!