BABA - 1W - Breaking out from a symmetrical triangle
Alibaba Group (BABA) is finally showing signs of renewed strength, bouncing off its 50-day EMA and breaking out to the upside from a symmetrical triangle.
The stock is now approaching new YTD highs. Despite the frustrations of long-term holders, optimism is on the rise.
Michael Burry’s Scion Asset Management recently made Alibaba its largest holding, with 155,000 shares comprising 21% of the portfolio, alongside significant stakes in BIDU and JD, each at 12%.
Bulls are starting to take notice.
The stock is now approaching new YTD highs. Despite the frustrations of long-term holders, optimism is on the rise.
Michael Burry’s Scion Asset Management recently made Alibaba its largest holding, with 155,000 shares comprising 21% of the portfolio, alongside significant stakes in BIDU and JD, each at 12%.
Bulls are starting to take notice.
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