Alibaba Group Holding Ltd (BABA)

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Top pick for next week...


Here are the top stock trades we’re watching for Monday morning

By Bret Kenwell, InvestorPlace Contributor Nov 1, 2019, 3:24 pm EST


Top Stock Trades for Tomorrow No. 1: Alibaba (BABA)

Alibaba (NYSE:BABA) is barely in positive territory following its earnings report, but the technical setup is not that appealing.

Shares tried to break out over the $180 level, but failed to hold onto its gains. The silver lining here? BABA stock is still above short-term uptrend support (purple line), as well as its cluster of major moving averages between $171 and $173.

A move below uptrend support would negate the breakout, while a decline below its moving averages would be a sign of caution. Below $170 and uptrend support (blue line) is in play near $165.

Over $180 and the breakout is back on the table, with the first upside target being Friday’s post-earnings high, followed by the September high of $184.13.