BABA's Reaction to Earnings Morphs it Trading Range into A Bottom

In just a few minutes after earnings were released this morning, which showed Alibaba Group Holding Limited (BABA) beat on both EPS and revenues, and is making an important change of CEO, the stock rocketed over 10% across its entire Feb-May trading range, from 80 to nearly 90 so far, which effectively morphs the trading range into a major base-bottom-accumulation formation that will have the potential to propel BABA to 100 in the days/weeks ahead.

Purely from a technical perspective, weakness into the 86 to 83 support zone should be considered a buying opportunity in BABA.

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