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Thoughts on BABA and potential for a retest of 90 by month-end
Watching $BABA with interest after the recent dip. It's been range-bound for a while, and the 95.00-96.00 area has provided some decent support in the past, but the overall macro picture is still a bit hazy, especially with ongoing regulatory uncertainty. Given the current lack of a clear catalyst to push it significantly higher, combined with general market choppiness, I'd put the probability of $BABA retesting the 90.00 level before month-end at around 40-45%. A sustained break below 95.00, perhaps on weaker-than-expected economic data out of China, would certainly increase those odds. Conversely, a strong surprise beat on upcoming earnings or any positive news on the regulatory front would quickly invalidate that scenario.
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BABA retesting 90 by month-end? At this point, I'd be more surprised if my coffee machine didn't spontaneously combust before BABA found a solid direction. Regulatory uncertainty is the gift that keeps on giving.