In today’s briefing:
- Asia Long and Short Positioning
- Alibaba Group Holding Ltd (9988 HK) – Initial Upswing Is Correcting Lower – Testing Key MA Support
Asia Long and Short Positioning
- Taiwan has been our top long but showing momentum deterioration. ASX and Kospi met rally targets to finesse a dip and secondary push. HSI long struggling. Short near 21,000.
- Japan and India are our immediate short plays. NKY dip and rally with bigger top due at 28,500.
- April is a bullish month but once the buoyant cycle terminates, we will turn more aggressive on the short side (NKY, HSI, Korea and even Taiwan is on our radar.
Alibaba Group Holding Ltd (9988 HK) – Initial Upswing Is Correcting Lower – Testing Key MA Support
- At TMA we deliver high probability outcomes by focusing on our 3 pillars of technical analysis. •1) Response to key levels. •2) Price action. •3) Momentum confirmation.
- This week’s decline is deemed counter-trend and is in stark conflict with the bullish MT and LT triggers detailed in our bullish publication on 29 March 2023.
- Key support levels often combine a number of important moving averages. 92.00/94.50 combines the 20/50 week MA’s / 12/26 week EMA’s. High risk MT bottom at 92.00/94.50. Target 118.50.
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