Important buying level for Alibaba - 9988Yes, it is sad to see what a nice rally for the China an Hang Seng market only to see it tumbling back down day by day , week after week despite the recent 10 trillion measures to curb the local government debts and property market.
Apparently , many analysts feel the CCP has not release sufficient stimulus to shore up the market and the tech stocks , very much undervalued compared to its counterparts in US are still being sold down.
I will be watching this level closely as we are coming to the end of 2024 and the CCP is running out of time to hit its 5% GDP target and failure to shore up the consumer confidence, the stock market will remain sideways or slowly come down ..........
On one hand, I am thinking the efforts and face saving of the Chinese government, will they give up half way now that the whole world is looking at them? Plus, President Trump has only 4 years to run and knowing he would not be re-elected thereafter, he is going to go all out to save America and create history for himself.
CCP is now in a desperate situation much like the ants in a frying pan , it has to think of creative ways to boost the market or risk losing the confidence of its people, international investors further away........
