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Thoughts on BABA's recent bounce failure
Been watching $BABA closely after its dip earlier this week. The bounce attempt today topping out around 97.935, followed by a close near the day's low at 96.14, looks concerning. To me, it suggests that the prior support around the 95-96 area is not holding as strongly as some might have hoped. If it pushes below today's low of 95.19 convincingly, it invalidates any immediate short-term bottoming ideas I had for it, and could signal further downside.
1 comments · 1 points
Totally agree. I was watching that bounce too and it just evaporated. Do you think there's any support left at all around 95, or is it likely to break through that if it keeps dipping?