One of the members of the SharePlanner Splash Zone asked me to take a look at Alibaba Group (BABA) and it looks quite appealing as a short setup.
Obviously, BABA and pretty much every other stock on this planet has been rallying this week, and so what you look for here, particularly on a day like today, are stocks that are not holding onto their gains at key resistance levels overhead.
BABA deserves such consideration.
Rallied hard right into resistance as seen by the chart below, and now giving up some rather strong gains early on in the trading sessions and possibly losing the minor gains during yesterday’s market rally as well. A dip below yesterday’s lows of the day, might just warrant a short position.
This, of course, assumes that the market doesn’t go on another short squeezing rally today.
Here’s the BABA technical analysis:
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