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Singles Day Does Not Save BABA

Discussion in 'Technical Analysis' started by FXStreet_Team, Nov 12, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Alibaba Group Holding Limited (BABA) is down about 7.5% from this morning's pre-open up-spike to 85.00 in an initial reaction to huge China "Singles Day" online sales. The technical set-up has been warning us not to trust strength off of the Nov 5 high at 86.42, which represents the completion of the entire rally off of the Sept 9 low at 57.20. Today's massive downside reversal has violated key support at 80.00-79.50-- prior lows and the 200-Day EMA-- which inflicts serious damage to the

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