$BABA-W(09988.HK) has held up quite well given such a sharp decline in Hong Kong stocks today. 137 is a strong resistance level; it has been tested twice, but there's no sign of a breakout with volume. The best-case scenario is to see a gradual upward oscillation within the narrow green range, slowly approaching and overcoming the resistance at 137 and the 200-day moving average. However, if the broader market and the Hang Seng Tech Index continue to decline, it may also test the previous low. In that case, we'll see if it can find a bottom around 120 and form a W-shaped pattern.

Conclusion: Limited upside potential, relatively high downside risk.