Alibaba Stock Is Down -20% From Highs: Buy Now?

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Alibaba stock recently made all time highs back in October and has dropped since. In November the stock was trading at $258, near its 200-day moving average, and I made a video covering the fundamentals and technicals of the company and why I believed it to be a buy (click here for that video).

The stock was able to bounce from the $250 level and gain its way to $280, but is now trading back at lows. Does this mean that the stock is on a support area once again and this is a good level for investors and traders to pick up shares, or will the stock go lower?

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Thank you to the Rico Shen for the photo of Jack Ma