The largest IPO in history of Alibaba Group Holding Ltd (NYSE:BABA) has come and gone. The price was listed at $68 but actually opened up at a lofty level of $92.70. The stock hit an intra-day high of $99.70 and ended up closing at $93.89, and the financial media proclaimed the initial public offering a huge success. Well the first two trading days of the first full week of trading for Alibaba Group Holding Ltd (NYSE:BABA) have not been too kind. The stock has seen two days of red and is down over 10% from the high water mark set on opening day. So as the stock declines traders and investors are curious as to where they might be able to step up and buy Alibaba shares. With any new issue it is very difficult to determine the levels, as the data is extremely limited. However I will provide some levels where the stock might be able to find support for intra-day bounces and possibly even multi-day levels to profit from. I have used simple fibonacci retracements and come up with $83.85, $80.11 and finally $75.93. While I am not advocating these as buy levels, traders and investors should keep these on watch as they could provide some guidance to make money.
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Parm Mann
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