Filtering by Tag: baba
Alibaba was my long idea from the other day and the worst possible thing happened to it... price drops, picks off everyone down to $101.20 then reverses on a dime and flies closing at $107.50. Not nice. I'm still bullish on it, still see $120s for sure, just realize that you can't trade it like a big dummy.
Here's the old zig zaggy set-up in BABA ... possible it could go up to 127ish with the next leg ... keep it in mind. Day traders can really dial down their risk by working off intraday charts, but I noted the ~$104 recent swing low on the chart as the widest stop.
3 minute chart ... about a $10 range, not too bad. IPO price was $68, I think... opened at $92.70 it looks like.