Am a little late in this post but the best opportunity to enter BABA was last Friday from 262 after it bounced off the 50% fib retracement support @ 254 and closed with a bullish engulfing candle.
Alibaba's ANT IPO fiasco had plunged the stock 20% from it's recent high of 319 provided this low risk entry to stake BABA, a company whose fundamentals is still solid.
Can consider to scale out partially at 290 (gap fill) and but an eventual test of the recent high at 319 is plausible (but I would use trailing stops to protect some profits).
Disclaimer: This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance. Thank you.
Alibaba's ANT IPO fiasco had plunged the stock 20% from it's recent high of 319 provided this low risk entry to stake BABA, a company whose fundamentals is still solid.
Can consider to scale out partially at 290 (gap fill) and but an eventual test of the recent high at 319 is plausible (but I would use trailing stops to protect some profits).
Disclaimer: This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance. Thank you.