Alibaba retraced 36% from it's high of 320 to it's recent low at 204, where it hit into a 2.5 year trendline support (see the weekly chart). Looks like a good time to pick up some shares at relatively low risk with an initial stop loss just below it's recent pivot low fo 204.
The recovery could be choppy though with a lot of near term resistences on the way up.
Suggest to scale out at 245 and then at 270. Trail your stops up!
Disclaimer: TA is about improving our odds of a successful trade, but there is no guarantee. This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Thank you. Do give me a thumbs up if you agree. Feel free to let me know what you think! :)
The recovery could be choppy though with a lot of near term resistences on the way up.
Suggest to scale out at 245 and then at 270. Trail your stops up!
Disclaimer: TA is about improving our odds of a successful trade, but there is no guarantee. This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance and don't forget that money management is important! Thank you. Do give me a thumbs up if you agree. Feel free to let me know what you think! :)