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Berger: Alibaba: what now?

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Serge Berger is assessing the potential for Alibaba following the Chinese internet giant's historic IPO last Friday. Shares were priced at USD 68.00 just before they went on sale but then surged out of the gate, with plenty of volume, putting in a high of USD 99.70 within eight minutes of the open. Sellers then drove the stock below its opening price to a first-day low of USD 89.95.
The remainder of the day traded within the USD 90.00 and USD 94.00 range. When the closing bell rang, Alibaba’s price of USD 93.89 signalled a 38 percent gain on the original IPO price and 1.2 percent from its opening trade. 

Serge suggests keeping an eye on two important reference levels: last Friday's low at USD 89.95 and last Friday's high at USD 99.70. Serge suggestion is to buy the stock on a potential push above last Friday's high and if the stock breaks below USD 89.95 look for the next support level.