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Saturday, January 10, 2015

Cause its $baba weekend

On Friday I became a 2x baba. So obviously the focus is $baba. 

Four days of very good action, barring the last 2.5 hrs of trading on Friday. On the 6th there was a constructive higher low off the 100 support level. Then the intraday SMAs performed beautifully. Even when the SMAs were potentially breached, horozontal support held up That is until 1:30pm on Friday.

Where will you go? Re-test 102 level or 100?

102 is also supported from an early December low. But 100 is the obvious strong support. 

$baba is at the point of consolidation where it should break out, given Feb 19th is Chinese New Years and an important retail season in China.

Looking for 110, but depending on sales strength and market psychology, it could test its highs. 

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