Dave Barnhart breaks down Alibaba's $1.2B gap-up on data-center news using dark-pool prints as support and resistance. Above $110, targets are $111, $112, $114, $116, and $119.78. Below $107.75, watch $107, $106, $105.47, and $100. The move is 3.5 times the average true range, signaling strong institutional buying.
Chapters
Baba on fire. Let's go ahead and have a look. Largest prints in the last 30 days. June 9th, you can see here at the top we've got 900,000, 400,000, another 900,000, and they were adding to their position it looks like on the way down. And then here June 25th, we have this consolidation of prints at the bottom. There's 5 million, 1.5, and another 1.2 sitting here, and we've moved up from those prints. And then today there's news, something to do with data centers and things, and it's just Pops right up. So we're above this 800K print now. Let's see if we can push through these other ones, especially for a swing higher. And then on the swing on the downside, if we break below these prints, then can move down. So let's map this out on the intraday here. We're going to be bullish above 110. We're testing this 900K print that I, that I pointed out already. Let's get above 110. Target 111, 112.02 is 1.3 million. Then we've got 114, 116.03 is 392K. 116.35 is 400K. And we've got 117.50, 119.78 is 952K. So we'll see. And if this continues, then by all means, we'll see if they're— if we're blowing through these levels and the institutions clearly are back buying and these aren't resistance. So we'll see. The ATR on this one's about $3.22. We're already 3.5 times that at the moment with the gap up on the news. We're going to be bearish below 107.75. Let's get below this here. This was the 4 AM candle. We want to get below that. Target 107, 106 is this 800K print right here. 105, 47 is a pivot. Then we've got 103, 12. 177 is R2, that's down here. 151 is a cam, 151, and then 100. And then we've got 99, 46 is R1.
