BABA bearish – Continues to weaken, eyes $68 IPO price next

BABA gapped lower to new lows, opening the 68.00 (IPO price) as the next target. Below there could extend the downtrend towards the 62.80 projection (as shown on the daily chart). The 76.21/76.15 resistance area (prior lows) should cap near-term bounces.
Outlook:
Short term: bearish
Long term: bearish