As Alibaba Takes A Dive, Here's My Swing-Trade Buy Level
InTheMoneyStocks.com | May 22, 2019 02:48PM ET
Alibaba Group (NYSE:BABA) shares are in free-fall as the trade war with China escalates. While Alibaba has little direct impact from tariffs, it is all about investor sentiment toward China stocks, and it's not good right now. Having said that, traders are taking note of a the massive fall in the stock and a major, multi-factor support level coming up at $155.90. There's a major gap-fill here, pivot support and a 61.8% Fibonacci level. With these three technical levels in place at the $155.90, traders expect to see a snap-back bounce. That's where they're looking to buy Alibaba as a swing trade.
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