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Singles Day Does Not Save BABA


Wednesday November 11th, 2015
Singles Day Does Not Save BABA
by Mike Paulenoff www.MPTrader.com

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.

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