Singles Day Does Not Save BABA

Alibaba Group Holding Limited (BABA) is down about 7.5% from this morning's pre-open up-spike to 85.00 in an initial reaction to huge China "Singles Day" online sales.

The technical set-up has been warning us not to trust strength off of the Nov 5 high at 86.42, which represents the completion of the entire rally off of the Sept 9 low at 57.20.

Today's massive downside reversal has violated key support at 80.00-79.50-- prior lows and the 200-Day EMA-- which inflicts serious damage to the near-term technical set-up, and points BABA towards 76.00-74.00 in the upcoming hours/days.

  Matched “”
x
Take Advantage Of Our Free
7-Day Trial, $71st Month Offer!
  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!