BABA 86.70: Bearish - Within a 3-1/2 week falling channel

BABA declines from 95.06 (May 22, 2015) to trace out a 3-1/2 week falling channel (as shown on the daily chart). Given the broad downtrend still in place, there is scope for the stock to extend losses towards the 94.91 support area near 61.8% of the 77.77/95.06 rise. Below would open the 80.90 level which guards the 77.77 YTD low (May 5, 2015). However, if bulls return strongly to reclaim the 87.79 reversal high area (June 11, 2015), that would suggest basing and lift for 91.60 then 95.06. Clearance above 95.06 would accelerate the recovery towards 97.79 (January 28, 2015 low) to fill the January gap.
Outlook:
Short term: bearish
Long term: bearish