Hi everyone, I hope all is well!
I bought quite a bit more BABA at 111.96 last Friday at market close. Fundamentally I like the company, so it is now ~40% of my account value. I plan to add more as long as prices are below 150 anytime I have money saved. They recently announced that the CFO would be stepping down, which resulted in the stock price jumping.
Recently Didi stock announced that it would delist off the NYSE and list on the Hong Kong exchange. This might have spooked investors in selling their BABA shares. However, Didi shareholders can have their shares converted to Hong Kong shares. This means there won’t be forced selling which is likely why the stock has been going up the last few days.
BABA daily chart below. It is still a bit below my average purchase price in the mid 130s. I’m still holding the put I sold a few weeks ago. Although I’m not trading this stock based off the technical levels, the 150-160 range seems like a good range to sell if I were short term trading.
Let’s see what happens with these stocks for the rest of the week. It seems like there will be a lot of volatility.