BABA may face more short-term pain. Eyes on 240-246
First, BABA is a great buy if you are in for the long-haul. However, with the recent news related to its Ant IPO, it looks like BABA is heading towards 200MA (purple line @ 240). Right above 200MA, there are resistance in the range between 240 and 246. So I'd pay close attention if price falls below 250 and put a buy order around 200MA. Since 2019, the 200MA has been a strong support for BABA.
Long BABA
Long BABA
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.