Alibaba got way oversold after it's ANT IPO was shat on by the Chinese government. They are just scared they are losing control with Alibaba's payment system AliPay. No reason why the stock should pull back 20% though. Alibaba is an enormous growth engine sure to continue to compete with Amazon and other online retailers in the future.
I took this trade with some really nice bullish divergence on the MACD. I think it will pull back a little bit but ultimately continue to chug higher over the next couple of months for a nice swing trade.
This is not financial advice. Good Luck!
I took this trade with some really nice bullish divergence on the MACD. I think it will pull back a little bit but ultimately continue to chug higher over the next couple of months for a nice swing trade.
This is not financial advice. Good Luck!