Monday, December 1, 2014

Opened BABA

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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