Note Added at 1:16 PM: BABA falls through 90 support and prints an 89 handle with a LOD at 89.95. Price continue to fight to hold the 90 support.
Note Added 1:36 PM: BABA bounces off the 90 support and runs higher bumping up against the 92 resistance ceiling. Price is 91.27.
Note Added 2:00 PM: BABA trades sideways supported by 90 below and resisted by 92 above. Price is 91.83 near the top of this range. The sideways 90-92 channel is key. BABA bulls win above 92. Bears win below 90. Price now at 91.98 testing 92 R so it is time to bounce or die.
Note Added 3:00 PM: Bounce. Price moves above the 92 resistance at 2:05 PM that now becomes support. Price back tests the 92.70 opening price resistance and rolls over to the downside. At 2:47 PM, whoopsies daisies. BABA loses the 92 support that now becomes resistance again. Price is 91.32. Key S/R is 92.70, 92.00 and 90.00.
Note Added 3:45 PM: BABA breaks up through 92 and runs higher to try and punch through the 92.70 resistance. Price is 92.81. BABA wants to end the first day of trading strong and on an up note so price is pushing higher to print above the opening bell price at 92.70. The market makers will likely keep the price above 92.70 through the closing bell to avoid any embarassment.
Note Added 3:51 PM: Bingo. Price moves above 93 to 93.50.
Note Added 3:54 PM: The Alibaba magic carpet ride continues into the closing bell with price running towards 94.
Note Added 4:02 PM: Alibaba survives the first day of trading. The market genie fulfills Jack Ma's wish. BABA settles out ending the day at 93.17. The starting IPO price is 68 and the opening price is 92.70. HOD is 99.70 that occurred in the opening minutes. BABA fell 30 cents short of the 100 price level. LOD is 89.95 so BABA printed an 89 handle and the overall range is 89-100 today. BABA gains +38% on its first day of trading. YHOO tumbles nearly -3%. AMZN +2%. GOOGL +1.3%. FB +1.1%. AAPL -0.6%. BIDU -1.5%. EBAY -0.6%. Alibaba is valued at over $230 billion market cap. The chart is only trading for a few hours so using technical's may seem like folly but in the 5-minute time frame a few interesting ideas surface. The BABA key S/R is 99.70, 99.0, 95.0, 94.0, 93.0, 92.70, 92.0 and 90.0. The 90 support held today. The blue lines on the 5-minute chart show a C&H (cup & handle) pattern so the base of the cup at 90 and breakout level at 92.70 targets the 95.0-95.4 area. The stochastics (overbot) are negatively diverged and content with seeing price move lower going forward and wants to create a spank down. The other indicators are long and strong (green lines) wanting to see higher highs in price after any pull back in this 5-minute time frame and the RSI has not reached overbot territory. So the projection is for a continued sideways up move likely to the 95-ish C&H target in early Monday trading. At that time the neggie d should form for the indicators to create a roll over to the downside. Remember, these are only 5-minute candlesticks so the thought is that the 95+ may print on Monday morning followed by a topping out and roll over. Price may simply stumble through 93-95 in the early going. A break up through 95.0-95.4 would send price to 99 so BABA bears will need to hold the line at 95 and BABA bulls will want to break up through 95. Bears win under 90. The Alibaba IPO is successful after its first day of trading.