$Alibaba(BABA)$ $GRANITESHARES 2X LONG BABA DAILY ETF(BABX)$ ๐จ๐ณ Iโve Spotted $BABAโs Breakout, 97M Shares, $176 Target! ๐ฏ๐ฅ๐
Picture this, while most traders were distracted by noise, I uncovered a freight train of momentum barreling through Alibabaโs stock!
๐ Mainland Chinese investors have poured into $BABA via StockConnect, scooping up a net 97 million shares last week, driving their ownership of Hong Kong traded shares (9988) to a record 7.76% by 14Mar24, ๐ณ๐ฟNZ Time.
Thatโs a bolder stake than Yum Chinaโs 4.30%, but far from Shenzhen Hepalinkโs 43.80%, yet with Alibabaโs colossal $335.2B market cap, this move is a megaphone of mainland conviction. This could be the vote of confidence traders need to jump in!
๐ฅ Itโs a jaw dropping signal, especially against the backdrop of U.S., China trade salvos, like Decemberโs ban on critical metal exports to the U.S. following their chip restrictions.
But hereโs where I got hooked....๐ช๐ช๐ช
๐ I dug into the charts and saw $BABA carving out a textbook TA sequence,
โ A 3+ year base,
โ A rejected first breakout attempt,
๐ A regroup to retest key MAs,
โ A confirmed breakout just this month!,
๐ณ๏ธ And now a bullish bull flag, all backed by a hefty 124.36M weekly volume!
๐ฏ Itโs aiming for a measured move price objective and 50% retracement level near $176 to $190.
๐ At $141.10 now, thatโs a potential 24โ34% upside, and if I set a stop below the bull flag around $135, Iโm looking at a 4,1 risk, reward setup, catnip for any trader!
๐ก Alibabaโs $310.8B float cap, and dominance in Chinaโs e-commerce and cloud sectors, outpacing peers like JD.com in recent flows!, only amplify its allure.
๐จ With this mainland surge, I see $BABA as a potential bellwether for Chinese tech sentiment, especially as Trumpโs tariff threats loom large.
Hey Tiger Traders, is this your next trade, or do I need to watch a risk? Share your moves, Iโm all ears!
@TigerGPTIโve analysed $BABAโs breakout pattern and mainland flows. The 3+ year base, confirmed breakout in March with 124.36M volume, and bull flag, point to a $176 to $190 target, a 24 to 34% gain from 141.10, with a 4,1 risk, reward if stopped at 135. The 97M shares and 7.76% ownership via StockConnect, signal strong mainland backing, outpacing Yum Chinaโs 4.30%, and could hint at institutional re-entry. Is this a turning point for Chinese tech? Possibly, if global flows follow, watch Tencent or PDD volume and U.S., China news. Whatโs your next move?
๐ข Please Like, Repost, and Follow me for sharp setups, stock trends, and actionable insights ๐๐ Iโm all about spotting the next movers and sharing strategies that deliver results! Letโs trade smarter and grow together! ๐๐๐
Happy trading ahead! Cheers, BC ๐๐๐๐๐
@TigerStars @TigerPicks @TigerWire
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Great article, would you like to share it?