Alibaba (BABA)
By Wed, Jan 20, 2021
Hey there,
Last week I talked about how hot Chinese internet and tech stocks are.
Chinese internet and tech stocks are on fire right now, and not just on an absolute basis.
Relative to US stocks and US tech, China is crushing it.
This week, we’re continuing that theme with Alibaba (BABA), one of the biggest companies in the world.
Alibaba is about to break out in a big way.
It’s not there just yet, but once BABA hits that $252 level, we are long with a price target of $324.
That’s 72 points of profit (28.5% return).
Not too shabby with clearly defined and limited risk.
That risk vs reward is what we always look for, and this is a great example of that.
Til next week, good trading,
JC Parets
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About the Author
JC Parets, founder of All Star Charts, specializes in finding the most opportunistic risk vs. reward propositions while at the same time bringing a top/down approach to the marketplace whose wide spectrum is rivaled by few. JC begins with a long-term global macro perspective and then works his way down to the individual sector and industry level before ultimately isolating the stocks that best portray a particular thesis. Price is the most important technical indicator, but JC uses supplements such as Momentum, Relative Strength, and Fibonacci analysis to complete the process.
