BABA @ Long Term Support
Updated
On the 4H Chart, BABA is sitting in the the demand zone at a double bottom retest. Earnings
two weeks ago beat expectations. Fundamentally, China is holding interest rates down and
may even decrease their prime rate. Domestically, chaos continues with more rate increases
possible and the debt ceiling issue impending resolution versus diseaster. I see trading and
investing in foreign based intruments such as BABA , NIO along with ETFs diversified into
China, Europe, Korea Japan and maybe others to be a useful means to diversify risk. I will take
a long trade in BABA because I believe it will rise from its usual bottom.
two weeks ago beat expectations. Fundamentally, China is holding interest rates down and
may even decrease their prime rate. Domestically, chaos continues with more rate increases
possible and the debt ceiling issue impending resolution versus diseaster. I see trading and
investing in foreign based intruments such as BABA , NIO along with ETFs diversified into
China, Europe, Korea Japan and maybe others to be a useful means to diversify risk. I will take
a long trade in BABA because I believe it will rise from its usual bottom.
Trade active
The idea is validated with more than 6% price rise and call options 45% higher.
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