I opened BABA towards the end of the day as it looked like it could keep its bounce going to 108 or so. That didn't happen. That said, I should have support at the prior break of consolidation and there is a likely scenario that this will form a bull flag.
That said, I'm not overly optimistic the R/R about this trade. An argument could be made for more downside as pocket pivot formed to the downside. But will all the institutions bail here or is this a name they are still hungry to get in? I think it bounces here so I'm in:
Entry: 106.60
Stop 103.14
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