Wednesday, May 22, 2019 1:30:47 PM
Alibaba Group (BABA) shares are in free-fall as the trade war with China escalates. While Alibaba has little direct impact from tariffs, it is all about investor sentiment toward China stocks, and it is not good right now. Having said that, pro traders are taking note of a the massive fall in the stock and a major, multi-factor support level coming up at $155.90. There is a major gap fill here, pivot support and a 61.8% Fibonacci level. With these three technical levels in place at the $155.90, pro traders believe it will see a snap back bounce. They are looking to buy Alibaba as a swing trade there.
Gareth Soloway
InTheMoneyStocks
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