BABA - battling toward $100

Whilst the broader market closed moderately mixed, there was significant strength in Alibaba (BABA), which settled higher by a significant 3.6% @ $94.00. Near term outlook is bullish, with the giant $100 threshold viable before end month.


BABA, daily

Summary

BABA has been a bit of a mess lately.

Just before earnings it broke below the critical $80 floor... but then jumped back above.. and now looks set for the psy' level of $100.

If the broader US (and China market) continue higher for another few months, BABA should be able to not only break >$100, but hold above it.

**some of the equity doomer bears can whine all they like about BABA - not least the 'Chinese aspect' of it, but BABA is a highly profitable company, and looks set to grow for some years.